Management and Organizational Studies 2275A/B Chapter Notes - Chapter 10: Equitable Remedy, Apparent Authority, Quality Of Life

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2275A/B
• Professor: Susan Toth

Document Summary

Exchange act in some situations: power of attorney: an agency agreement in writing and under seal. Unless the agent is to young or insane. If no time limit is set, the power to ratify expires in a reasonable amount of time: the agent can"t make a deal then search for a principle to ratify. A speci c principle must be mentioned at the time of the transaction: the principle has to be fully capable of entering into the contract at the time the agent was claiming to act on his behalf. Even if there is delegation, the primary agent is responsible to ensure the obligation is fully performed: fiduciary duty, an obligation an agent holds to act only in the best interest of their principle. The agent can not arbitrarily decide what would likely in uence the conduct of the principle and what would not: examples of what fiduciary duty require an agent to do: