9. Agency - AGENCY Agent Deals With Authorizes Principal...

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

AGENCY How Agency Arises By Agreement Express Authority o Conferred by express appointment o Agent specifically informed of scope of authority Implied Authority o Implied or inferred from the conduct or relationship of the parties Without Agreement : Agency of Necessity A person may act for, and bind, another person only where: 1. Impossible for agent to obtain instructions from principal 2. Agent must have acted in good faith, in interests of principal 3. Situation of necessity or emergency Ratification Principal may choose to ratify the acts of an agent who initially did not have actual or apparent authority Relationship arises retrospectively Ratification may be express or implied from principal’s unequivocal conduct o Requirements for effective ratification: - Agent must have intended to act on principal’s behalf and disclosed to 3 rd party Keighley, Maxsted & Co v Durant (1901) S&L Page 556 - Principal must be existing and capable of entering into contract - Transaction must not be void at its inception or prohibited by statute - Ratification must be before time to perform contract and within reasonable time of principal finding out about the act o Effects of ratification -
Image of page 1

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

Image of page 2
This is the end of the preview. Sign up to access the rest of the document.
  • Fall '15
  • Law, apparent authority, S&L Page

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern