Relationship of Principal and Third Persons

Relationship of Principal and Third Persons - Relationship...

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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
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