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Agency/Partnerships

Wyoming

QuestionAnswer
Agency -a relationship that arises when 1 person (principal) manifests an intention that another person (agent) shall act on his behalf -Principal may appoint agent to do any act except an act which, by its nature or by K req's personal perfor. by the principal
Creation of Agency Relationship: Capacity -Principal must have contractual capacity -Agent need only minimal capacity -An agent cannot represnt both parties to an agrmt unless parties are fully advised & agree to dual rep -if law requires agent to have a license, cannot act w/out one
Creation of Agency Relationship: Fromalities -Consent must be manifested by both the principal and agent to create an agency relationship -Consider. not req'd -Writing generally not req'd
Creation of Relationship By Act of the Parties -created by an act when: 1) the agent & principal can agree that the agency shall exist 2)the principal may hold another out as his agent to a 3rd party
Created by: sachav3