Wyoming
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| 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
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| 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
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| 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
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| 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
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