Chapter_29

Chapter_29 - Chapter29 RelationshipofPrincipaland Agent...

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    Chapter 29 Relationship of Principal and  Agent 
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    Nature of Agency  Agency is formed when one party, the  agent, agrees to act in a representative  capacity for another party, the principal.  The agent represents the principal in  dealings with third parties 
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    Scope of Agency Whatever principal can do personally,  agent can do.  Whatever principal can’t legally do,  agent can’t do either  
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    Other Legal Relationships  Employer— Employee hires  subordinate and employer has right to  control activities/conduct of employee.  Independent Contractor— Person  contracted to do job, and one who hires  has no control of activities/conduct. 
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    Creation of Agency  Agencies may be created without  consideration.  1. Formalities— No particular form  required  2. Capacity— When an agent makes a  contract with a third party  
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    Duties of Agent to Principal  1. Duty of Obedience  2. Duty of Diligence  3. Duty to Perform 4. Duty to Account  5. Fiduciary Duty 
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This note was uploaded on 03/08/2010 for the course BL 3305 taught by Professor Nunley during the Fall '09 term at Baylor.

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Chapter_29 - Chapter29 RelationshipofPrincipaland Agent...

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