TAILIEUCHUNG - Lecture Fundamentals of business law (7/e): Chapter 18 - M.L Barron

Chapter 18 - Principal and agent. At the end of this chapter you should understand: the definition of an agency relationship; why contract law is relevant to the law of agency; the methods by which agency can be created including estoppel, necessity or ratification; | This is the prescribed textbook for your course. Available NOW at your campus bookstore! Principal and agent Chapter 18 Learning objectives At the end of this chapter you should understand: the definition of an agency relationship why contract law is relevant to the law of agency the methods by which agency can be created including estoppel, necessity or ratification the different types of agent, their roles and function the difference between ‘actual authority’ and ‘apparent authority’ liability of an agent to the principal and third parties the rights of action that a third party has against an agent for breach of warranty of authority the rights and powers of agents how an agency can be terminated. Introduction Agency A relationship that exists between one person (the principal) and another person (the agent). The agent undertakes to do certain acts on the principal’s behalf. The purpose is to bring a third party into a contractual relationship with the principal. Creation of an agency Expressly created agency (written or verbal) Impliedly created agency: Agency of necessity Cohabitation Agency by estoppel Agency by status Agency by ratification Agency of necessity A person must be entrusted with the property of another person. An immediate expense is required to preserve the property. The owner of the property is virtually impossible to contact. The person entrusted with the property (agent) must act in the best interests of the owner (principal). Agency by ratification May occur when: A person acts on behalf of a principal and enters a contract with a third party, despite lacking authority to do so, then the principal may ratify or affirm the unauthorised action. An agent exceeds the authority given to them by the principal, the principal may ratify or affirm the excessive authority. Ratification is essentially a retrospective granting of approval for the actions of the agent or the person purporting to be an agent acting on behalf of the principal. The .

• Luật học
• Business law
• Fundamentals of business law
• Lecture Fundamentals of business law
• Contract law
• Consumer law
• Agency relationship
• Dynamic business law
• Lecture Dynamic business law
• Legal environment of business
• Criminal law
• Business crime
• Classification of law
• Law of torts
• Luật Kinh doanh
• The law of torts
• Law of marketing
• Administrative law
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• Constitutional law
• Constitutional principles
• Tort law
• Classification of torts
• Business organizations
• Antitrust law
• Antitrust law rationale
• Business organisations
• Joint venture law
• Advertising Law
• E commerce law
• Marketing law
• Property law
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• Consumer credit law
• Competition law
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• Bankruptcy law
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