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Chapter 15

Chapter 15.docx

4 Pages

Administrative Studies
Course Code
ADMS 2610
William Pomerantz

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Chapter 15Law of Agency Pages 269280The Role of an AgentLaw 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 behalfPrincipal a person on whose behalf an agent actsAgent a person appointed to act for another usually in contract mattersRelationship can arise from express agreement conduct or necessityAlways involves 3 parties principal agent and third partyAgency relationship is formed to enable principal to form contract with third partyAgents are activities that involve negotiation of contracts and bind principal in contract with third partyHistorical Development of the Law of AgencyLaw of agency has roots in law relating to tort contract quasicontract and equity thth Growth of trade and mercantile class in late 18 and throughout 19 century created need for Common Law response to problemslaw of agency was distinguished from law of employmentThe Nature of the RelationshipAgent is a person employed to act on behalf of another o If act of agent is done within scope of agents authority act will bind principalGeneral rules of contract apply to agency relationship o If principal is infant contract can be voidable at infants option because agent is simply a conduit o Agent can still be a minor and negotiate binding agreement on behalf of principal o Agent must not be insane Agency by Express AgreementPrincipalagency relationship can be result of express agreement by conduct by estoppels or of necessity o Agency by Express Agreement an agency relationship established by an express oral or written agreement o Agency by conduct an agency relationship inferred from the actions of a principalAgency by express agreement is contractual and subject to rules of contract o Can be oral and binding but must comply with Statute of Frauds if cannot be fully performed in a year o Document under seal that authorizes execution of conveyance is power of attorney o Written agreement sets out terms and conditions of agencyOrdinary agency relationship usually involves second contract with third partyIf agent acts within scope of authority then duties of agreement become those of principal and third party Duties of the PartiesParties in agency must act in good faithPrincipal has duty to pay agent fixed or reasonable fee for services renderedAt Common Law agent is entitled to payment upon completion of serviceAgents duties include o obeying all lawful instructions of principal o keeping information confidential o keep in constant contact with principal inform principal of important developmentsany notice given to agent is notice to principal o may not delegate agency duties to subagent o place principals interests above own rather than quickest commission o has duty only to principal not third party cannot act for both without consent from both o if agent receives commission from third party then would not receive commission from principal
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