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Unformatted text preview: -agent cant engage in inappropriate behavior-Duty of care- agent must act with reasonable care-Gratuitous agent- free not paid, liable for gross negligence -duty to provide information 3 Remedies when an agent breaches a duty-Damages-Profits-Rescind Duty of the Principal -must reimburse agent for reasonable expenses-tort claims by a third party-reimburse for acts of good faith-must furnish the agent with the things needed to work-principal cannot interfere with work Terminating an Agency Relationship-agent or principal can terminate at anytime- term agreement- states how long relationship will last-achieving a purpose- relationship last until achieved - mutual agreement-agency at will-wrongful termination- either party has the power to walk out but not the right-No longer perform required duties-loss of qualification-bankrupt-death-disloyalty -Change in law...
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- Spring '08
- Law, duty, Obligation, Conflict of interest