ADMS2610-Session9-Ch15 - ADMS2610 Session 9 Chapter 15 (pg....

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ADMS2610 Session 9 Chapter 15 (pg. 269-280) Role of an Agent Agency - is law that deals with relationship between principal and agent - Principle – a person on whose behalf an agent acts - Agent – a person appointed to act for another, usually in contractual matters Characteristics of Agency - arises by express agreement, conduct or necessity - involves 3 parties: o (1) principle o (2) agent o (3) third party - legal principles and conditions under which an agent can bind a principal to a contract Nature of Relationship - governed by tort law, contract law and equity - Agent is one who is empowered on behalf of another - Acts of agents bind principals if done within scope of power - Can act for more than one principal at the same time (insurance agents) - Minors can act as agents - Agency o Expressed: can be established by express agreement either written or oral o Conduct: agency inferred from the actions of the principal (1) Express Agreement - Governed by contract law o Contractual rules must be followed Statute of frauds, formal contracts Duties set forth in agreement (advantage to a written agreement) o Contracts Contract one is between agent and principal Contract two is between principal and third party (although
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This note was uploaded on 03/25/2011 for the course ADMS 2610 taught by Professor Joshuasera during the Winter '10 term at York University.

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ADMS2610-Session9-Ch15 - ADMS2610 Session 9 Chapter 15 (pg....

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