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Chapter 13

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School
Department
Business
Course
BUSI 3705U
Professor
Ani
Semester
Fall

Description
Chapter 13 Legal Environment of LawThe Agency RelationshipNature of the AgencyAgencya relationship that exists when one party represents another in the formation of legal relationsAgenta person who is authorized to act on behalf of anotherPrincipala person who has permitted another to act on her or his behalfLaw Of Agency law governing the relationship where one party the agent acts on behalf of another the principal AuthorityActual authoritythe power of an agent that derives from either express or implied agreementApparent authoritythe power that an agent appears to have to an outsider because of conduct or statements of the principalExpress authoritywritten or oral authority granted by a principal to an agentImplied authorityagents authority that is present by implication only Creation of Agency Agency By Estoppelan agency relationship created when the principal acts such that third parties reasonably conclude that an agency relationship existsOnus is on the principals to inform outsiderswhen a person cease to be their agentAgency By Ratificationan agency relationship created when one party adopts a contract entered into on his behalf by another who at the time worked without authority Duties Of The AgentMust perform in accordance with the principals instructions or failing instructions then performance must meet the standards of the particular trade or industryFiduciary dutya duty imposed on a person who has a special relationship of trust wi
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