Relationship of Principal and Third Persons

Relationship of Principal and Third Persons - Relationship...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Relationship of Principal and Third Persons I. Contract Liability of Principal A. Types of Authority ****Page 349 i. Agent with actual or apparent authoritycan bind his principal ii. Disclosed Principal- at time agent conducts a transaction the third party has notice that agent is acting on behalf of principal AND has noticed party of principal’s identity iii. Partially Disclosed- at time of transaction other party that agent is or may be acting for a principal but has no notice of principal’s identity iv. Undisclosed- other party has no notice agent is acting on behalf of principal B. ACTUAL Authority i. Consent principal manifests to agent ii. Express Actual -express authority of agent found in spoken or written words the principal communicats to agent iii. Implied Actual- not expressed or explicit words but is inferred from words or conduct principal manifests to agent…authority to make a contract is inferred from authority to conduct a transaction C. APPARENT Authority i. power arising from words or conduct of a disclosed or partially disclosed principal…when manifests to third party
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 3

Relationship of Principal and Third Persons - Relationship...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online