Biz Law Nov 28.docx - Biz Law Nov 28 Formation of the...

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Biz Law Nov. 28 Formation of the Agency Relationship -Agency by agreement of the parties - formed through express consent (oral or written) or implied by conduct. -Agency by ratification -principal either by act or by agreement ratifies conduct of a person who is not in fact an agent -Agency by Estoppel -Principal causes a third person to believe that another person is the Principal’s Agent, and the third person acts to her detriment in reasonable reliance on that belief. -Agency by Operation of Law (rare) -Agent based on social duty is formed in certain situations when the Agent is unable to contact the Principal Duties of Agents and Principals -Agent’s duties to the principals: - - - - - -Agent’s Duties to the principal: -Performnace: implied condition to use reasonable diligence and skill. IF agent fails possible breach of contract. - - -Agent’s duties to the principal -Notification: to principal of all matters concerning subject matter of agency -Loyalty: fundamental duty as fiduciary (no conflict of interest).
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