Contracts and Agency_1

Contracts and Agency_1 - Contracts Contracts COM 259...

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Unformatted text preview: Contracts Contracts COM 259 Essentials of the Basic Mode of Essentials Business Communication Business Why do I call it the “Basic Mode of Business Communication”? of So you want . . . So A place to conduct business Phone and internet Supplies Credit Employees Customers Insurance A bank account Etc., etc., etc. Express Contracts Express Offer Acceptance Consideration Implied Contracts Implied Equity Quasi-contracts (unjust enrichment) Provided something of value Provided Expecting compensation in return Benefit acknowledged, accepted Inequitable to retain without paying Detrimental reliance (promissory estoppel) A promise was made promise Relying on the promise was reasonable or Relying foreseeable There was actual and reasonable reliance on the There promise The reliance was detrimental The Enforcing the promise to prevent injustice Enforceability Enforceability Terms Remedies Written or oral Other Limitations Other Gift Illegality Incompleteness and ambiguity Fraud, incapacity, mistake and unfairness Agency Agency Players: Principal Agent Third parties Common law agency and contracts Statutory agency Authority of agent Apparent – reasonable 3rd party Implied – by the position agent holds Actual – express Principal Principal Can be an individual or organization Degree of control over the agent Distinguish independent contractors Agent’s duties to Principal Agent’s Obedience Loyalty Disclosure Confidentiality Accounting Reasonable care and diligence Principal’s Liablility to 3rd Parties Principal’s Doesn’t have to know or have approved Doesn’t the acts the Scope of agency Apparent – reasonable 3rd party Implied – by the position agent holds Actual – express Torts “Respondeat Superior” Contracts ...
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