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ADMS 2610 Chapter 15: Chapter 15.docx

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taupeox854
3 May 2012
School
York University
Department
Administrative Studies
Course
ADMS 2610
Professor
William Pomerantz

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Document Summary

Law of agency is about relationship between one individual (principal) who expressly or impliedly uses services of another (agent) to carry out a specific task on their behalf. Principal: a person on whose behalf an agent acts. Agent: a person appointed to act for another, usually in contract matters. Relationship can arise from express agreement, conduct, or necessity. Always involves 3 parties: principal, agent, and third party. Agency relationship is formed to enable principal to form contract with third party. Agents are activities that involve negotiation of contracts and bind principal in contract with third party. Law of agency has roots in law relating to tort, contract, quasi-contract, and equity. Growth of trade and mercantile class in late 18th and throughout 19th century created need for common. Law response to problems law of agency was distinguished from law of employment. Agent is a person employed to act on behalf of another.

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Related Questions

Business Law 100

In an agency relationship, someone agrees to perform a task for, and under the control of, someone else (the principal). An agent is the person who is acting on behalf of the principal in an agency relationship. Identify three (3) types of agency under the law. Give one (1) example of a time in which you or a co-worker may have acted as an agent. Did you know you were an agent at the time? Did you act on behalf of the company, and if so, how?

1.Which of the following is true of the requirements for ratification to be effective?

A.The principal can accept certain parts of the agents act and reject others.

B. An individual must avoid misrepresenting himself or herself as an agent for another party.

C. The principal must have complete knowledge of all material facts regarding the contract.

D. The principal can avoid ratifying the unauthorized act.

2. If a principal is partially disclosed:

A. the third party would not know that an agent is acting on behalf of the principal.
B. only the agent would be liable in accordance with the contract.
C. the third party would be aware of the principal

When Alexis deposits money in a bank account, the bank then owes that money to Alexis. In this sense, the relationship between the bank and the customer is that of: a. principal and agent. b. two parties to a contract. c. creditor and debtor. d. payee and drawer