BLS 342 Exam 4 (Final) 7

BLS 342 Exam 4 (Final) 7 - Disclosed, partially disclosed...

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Disclosed, partially disclosed and undisclosed principals – what are the contractual implications with regard to the agent and the third party? Principals o Disclosed – NO liability of agent – liability to principal o Partially disclosed – liability of principal and agent until disclosure (agent  possibly liable, principal liable) o Undisclosed (person’s identity not known to world) principal – Ex.  Howard Hughes – liability of principal of agent (both principal and agent  liable)  If agent loses any money/assets while doing business for principal  then agent must be indemnified  o No principal – only agent Disclosed Principals – 3 rd Party knows who the Principal is o Agent has no contractual liability Partially Disclosed – where the 3 rd Party knows that the Agent is working for a Principal but doesn’t know who the Principal is o Example: maybe the Principal wants to remain unknown o Contract is with the Agent and the Agent and Principal have contractual liability Undisclosed – Contract is with the Agent and the contract is also with the Principal
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BLS 342 Exam 4 (Final) 7 - Disclosed, partially disclosed...

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