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Ch 1-2: Termination
Terminating an Agency Relationship
| Term | Definition |
|---|---|
| Performance | Relationship is terminated once the purpose for which it was created has been performed/fulfilled. |
| Mutual Agreement | An agreement to terminate the relationship before the expiration date in the agreement. |
| Death or Incapacity | An automatic termination when a principal or agent should die or become incapacitated. |
| Expiration | Terminated on the expiration date agreed to in the contract, regardless of whether the purpose of the agency is fulfilled. |
| Resignation of Agent | An agent can resign before the expiration date. |
| Unilateral Discharge | Discharge of an agent prior to the expiration of the agreement. |
| Change in the Law | Terminated upon the change in the law that makes a previous agreement illegal. |
| Material Change in Circumstance | An issue that prevents the agency from making the agreement possible or practical to perform. |
| Bankruptcy | Bankruptcy of the principal. |
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userjoe
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