CHAPTER 20

CHAPTER 20 - CHAPTER SUMMARY RELATIONSHIP OF PRINCIPAL AND...

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CHAPTER SUMMARY RELATIONSHIP OF PRINCIPAL AND THIRD PERSONS Contract Liability of Principal Types of Principals Disclosed Principal principal whose existence and identity are known Unidentified ( Partially Disclosed) Principal principal whose existence is known but whose identity is not known Undisclosed Principal principal whose existence and identity are not known Authority power of an agent to change the legal status of the principal Actual Authority power conferred upon the agent by actual consent manifested by the principal to the agent Actual Express Authority actual authority derived from written or spoken words of the principal communicated to the agent Actual Implied Authority actual authority inferred from words or conduct manifested to the agent by the principal Mann CH 20- 1
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Apparent Authority power conferred upon the agent by acts or conduct of the principal that reasonably lead a third party to believe that the agent has such power Delegation of Authority is usually not permitted unless actually or apparently authorized by the principal; if the agent is authorized to appoint other subagents, the acts of these subagents are as binding on the principal as those of the agent Effect of Termination of Agency on Authority ends actual authority Second Restatement if the termination is by operation of law, apparent authority also ends without notice to
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CHAPTER 20 - CHAPTER SUMMARY RELATIONSHIP OF PRINCIPAL AND...

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