TAILIEUCHUNG - Lecture Fundamentals of business law (4th): Chapter 18 - Margaret L. Barron, Richard J.A. Fletcher

Chapter 18 - Principle 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; the different types of agent, their roles and function;. | This is the prescribed textbook for your course. Available NOW at your campus bookstore! 18- Copyright © 2000 McGraw-Hill Australia Principal and agent Chapter 18 Agency An agency is a relationship that exists between one person, the principal, and another person, the agent, where the agent undertakes to do certain acts on the principal’s behalf, the purpose being to bring a third party into a contractual relationship with the principal. 18- Copyright © 2000 McGraw-Hill Australia 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 18- Copyright © 2000 McGraw-Hill Australia 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). 18- Copyright © 2000 McGraw-Hill Australia Agency by Ratification Required when: No authority to act as agent Agent exceeds authority given by principal 18- Copyright © 2000 McGraw-Hill Australia Working relationships Agent - Fiduciary relationship . exercising rights and powers, in good faith, for the benefit of another. Employee - Under control and supervision of employer. Independent contractor - Decides how their work is carried out. Trustee - Holds property on behalf of another person. 18- Copyright © 2000 McGraw-Hill Australia Categories of agents Special - . appointed for a particular task. General - . appointed for all normal matters. Universal - . appointed for all acts principal can do, . Power of Attorney. 18- Copyright © 2000 McGraw-Hill Australia Authority of an agent Actual Authority - Express (written/spoken) - Implied (by action) Apparent Authority (Ostensible Authority) - Authority agent has

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• Business law
• Fundamentals of business law
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• The law of torts
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