Agency - b. Agent breaches its implied warranty of...

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Agency A. Liability of Principal for actions of agent Depends upon whether the agent had 1.) Actual authority – express or implied a. Express – actual expressed authority that is given to the 2.) Apparent authority 3.) Emergency authority 4.) If none of the above, principal liable if it ratifies B. Duties of Agents and Principals 1.) Agents duties to principal a. Duty of performance – not to be negligent b. Duty of notification c. Duty of obedience d. Duty of accounting e. Duty of loyalty 2.) Principal’s Duties to Agent a. Duty of compensation b. Duty of reimbursement and indemnification c. Duty of cooperation d. Duty to provide safe working conditions C. Liability of Agent to Third Party 1.) Contractual Liability a. Agent acts for undisclosed or partially disclosed principal
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Unformatted text preview: b. Agent breaches its implied warranty of authority c. Agent personally guarantees the obligations of the principal d. Tort: Liability Principal or employer is liable for the torts of an agent or employee committed within the scope of employment under the doctrine of Respondeat Superior D. Termination of Agency 1.) Acts of the Parties a. Mutual agreement b. Termination of specified period of time c. Revocation or renunciation d. Accomplishment of purpose of agency e. Note: Notice of termination should be given to third parties to preclude apparent authority 2.) Operation of Law, eg. a. Death or insanity b. Destruction of subject matter c. Bankruptcy of principal or agent...
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This note was uploaded on 05/20/2008 for the course MGMT 246 taught by Professor Apke during the Spring '08 term at CSU Fullerton.

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Agency - b. Agent breaches its implied warranty of...

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