Realtionhsip of AGENT and Third Party I. Contract Liability of Agent A. Disclosed Principal i. Generally no liability on behalf of agent f has actual or apparent authority B. Unauthorized Contracts i. Agent EXCEEDS ACTUAL AND APPARENT authority principal is NOT bound ii. Express Waranty-agent stes has authority and that will be personall liable to third party if he does not have authority iii. If agent does not have authority to bind rincipal then agent is liable unless principal ratifies contract r third party knew agent was unauthorized iv. If agent misrepresents they are liable C. Agent Assumes Liablity i. making contract in (agents name) ii. co-making contract with principal iii. garunetting principal will perform contract between third party and principal
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This note was uploaded on 02/19/2008 for the course AEM 3200 taught by Professor Grossman,d. during the Fall '07 term at Cornell.