SMG LA 245 Chapter Notes - Chapter 16: Independent Contractor, W. M. Keck Observatory, High Standard Manufacturing Company
Document Summary
Creating an agency relationship: someone (the agent) agrees to perform a task for, and under the control of, someone else (the principal). To create an agency relationship, there must be: Who mutually consent that the agent will act on behalf of the princi- pal and. Consent: the principal must as the agent to do something, and the agent must agree. Control: principals are liable for the acts of their agents because they exercise control over the agents. Fiduciary relationship: a special relationship with high standard. Beneficiary places special confidence in the fiduciary who in turn is obligated to act in good faith and can- dor, putting his own needs second. Agents have a fiduciary duty to their principals. In some cases may be just fiduciary duty but no control. A trustee of a trust must act for the benefit of the beneficiaries, but the beneficiaries have no right to control the trustee.
