chapters 16,17,18,19,20

chapters 16,17,18,19,20 - 16 respondeat superior Latin for...

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16 respondeat superior 16 agency 16 16 apparent authority 16 disclosed principal 16 e-agent 16 equal dignity rule 16 Expressed Authority Authority that is expressed in clear, direct and definite terms. 16 fiduciary each party owes the other the duty to act with utmost good faith Latin for let the master respond. A doctrine under which a principal or an employer is held liable for the wrongful acts committed by agents or employees while acting within the course and scope of their agency or employment. A relationship between two parties in which one party (the agent) agrees to represent or act for the other (the principal). The principal has the right to control the agents conduct in the matter intrusted to the agent and the agent must  exercise his powers for the benefit of the principal only developes in four different ways:      1) By agreement of the parties      2) By ratification      3) By estoppel      4) By operation of law Agents dutiies to principal 1) Performance 2) Notification 3) Loyality 4) obedience 5) Accounting 1) an implied condition in every agency contract is the agent's agreement to use reasonable diligence and skill  in performance of work 2) An agent is required to notify the principal of all matters that come to his attention concerning the subject  matter of the agency 3) Loyalty is one of the most fundamental duties in a fiduciary realtionship. Agent has the duty to act solely for  the benefit of his principal and not in the interest of the agent or a third party 4) To follow all lawful and clearly stated instructions of the principal 5) The agent has the duty to keep and make avaialbe to the principal an account of all property and funds  received and paid out on behalf of the principal Authority that is only apparent, not real. In agency law, a person may be deemed to have had the power to act as an agent for another party if the other party's manifestations to a third party led the third party to believe that an agency existed when, in fact, it did not. If a third party changes his position in relience on the principals representations, the principal may be estopped  (prevented) from ddenying theat the agent had authority. Apparent authority usually comes into existence  through a principal pattern of conduct over time A principal whose identity is known to a third party at the time the agent makes a contract with the third party. A computer program that by electronic or other automated means can independently initiate an action or respond to electronic messages or data without review by an individual.
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