Agency
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| show | 1) Principal must have contractual capacity
2) Agent needs only minimal capacity
3) Agent must not represent both parties to an agreement (unless they agree) or be unlicensed if a license is required
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| Formalities required to create an agency relationship | show 🗑
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| Modes of Creating Agency relationship | show 🗑
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| Creating an agency relationship -- by act of the parties | show 🗑
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| Duties of agent to principal | show 🗑
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| Duties of agent to principal: Duty of loyalty | show 🗑
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| Duties of agent to principal: Duty of Obedience | show 🗑
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| Duties of agent to principal: Duty of reasonable care | show 🗑
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| show | 1) Action for damages (breach of contract or tort)
2) Action for secret profits
3) Accounting
4) Withholding of compensation
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| show | A compensated agent may be held liable for damages suffered by the principal as a result of breach of contract
> Does not apply to uncompensated agents
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| Remedies of principal for breaches of agent's duty: Action for damages-- Tort | show 🗑
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| Remedies of principal for breaches of agent's duty: Action for Secret Profits | show 🗑
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| Remedies of principal for breaches of agent's duty: Accounting | show 🗑
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| Remedies of principal for breaches of agent's duty: Withholding of compensation | show 🗑
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| show | Subagent owes the principal the same duties as the agent
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| show | The agent will also be held liable to the principal for breaches of the subagent, even if the agent exercised diligence and good faith in appointing the subagent
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| show | The subagent owes the agent the same duties the subagent owes the principal. Thus, she will be liable to the agent for her breaches
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| show | The principal owes the agent a duty to compensate her reasonably for her services
>NO duty to compensate subagents unless principal agrees otherwise
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| Duties of principal to agent: Reimbursement | show 🗑
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| Duties imposed by contract | show 🗑
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| Duty to Cooperate | show 🗑
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| Remedies of Agent: Breach of Contract | show 🗑
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| Remedies of Agent: Agent's lien | show 🗑
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| Types of Actual Authority | show 🗑
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| show | Authority contained within the 4 corners of the agency agreement
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| show | Authority that the agent reasonably believes she has as a result of the actions of the principal
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| Implied authority: Implied from Express Authority | show 🗑
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| show | Unless specifically directed otherwise, an agent has implied authority to act in accord with general custom and usage.
> Agent must have knowledge of the custom and usage
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| Implied Authority: Implied Acquiescence | show 🗑
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| show | When the agent has no specific instructions on what to do in case of an emergency, she has implied authority to take reasonable measures that are necessary until she can contact her principal
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| Actual Authority: Termination | show 🗑
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| show | > Specified time: if agency relationship is to last for a set period of time, authority ends at that time
> Time not specified: terminates w/in reasonable time period
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| show | Agency agreement may specify that it is to last until a specified event happens. What that event happens, authority will terminate
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| show | Change of circumstances that should cause an agent to realize the principal would not want the agent to exercies her authority terminates her authority:
> destruction of the subject matter
> drastic change in business conditions
> change in law
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| Actual Authority: Termination -- By breach of agent's fiduciary duty | show 🗑
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| Actual Authority: Termination -- By unilateral act of principal or agent | show 🗑
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| show | An agency relationship may be terminated without regard to the will of either party by operation of law under certain circumstances, e.g. death or loss of capacity of either party;
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| Apparent Authority | show 🗑
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| Apparent Authority: Imposters | show 🗑
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| show | If the P knows of the dealings between his past A and the third party, he must give notice to the third party that the agent's actual authority has been terminated.
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| Apparent Authority: Prior Acts | show 🗑
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| Apparent Authority: Position | show 🗑
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| show | When a P secretly limits the actual authority of his A to act, and the agent, when dealing with a third party, acts beyond the scope of the limitation, the P will be bound by the agreement made btwn the third party and the A
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| show | If the agent had authority, the principal is liable to the third party
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| show | 1) Disclosed P liable
2) A generally not liable (Exceptions: intent of the parties, Agent's implied warranty of authority)
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| Liability: Third party vs. Agent -- Unidentified and Undisclosed Principal Situations | show 🗑
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| show | P may enforce contract and hold third party liable
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| show | Either P or A may enforce the contract. If A enforces, P is entitled to the rights and benefits thereunder.
> P may not enforce if its identity was fraudulently concealed (third party may rescind) or it would increase burden on third party
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Created by:
bowdensm