Business 207 Quiz 8

Business 207 Quiz 8 - AGENCY 1. Agency= a relationship in...

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AGENCY 1. Agency= a relationship in which one party (the agent) acts on behalf of another (the priniciapl) a. Purpose = to benefit the principle b. Does not have to be written unless it is a contract that must be written (equal dignity rule) c. Requires continuous consent d. No consideration is required, just an agreement 2. Non-Express Agencies = agencies created by the courts a. Implication: behavior of the parties is such that a reasonable third party believes that they were acting as principal and agent. b. Ratification; Agent represented himself as an agent without the knowledge of the principal, but the principal accepted the agent’s actions after the fact. c. Estoppel: the court (judge) feels injustice requires an agency be imposed because the principal has acted as though the agent was an agent (establishing a pattern), a third party relied on the “agent’s” actions, and the principal then denies the existence of an agency to the detriment of the third party. 3.
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This note was uploaded on 11/21/2011 for the course BUS 207 taught by Professor Perello during the Fall '03 term at Cal Poly.

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Business 207 Quiz 8 - AGENCY 1. Agency= a relationship in...

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