Agency termination of relationship powerpoint 3

Agency termination of relationship powerpoint 3 -...

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TERMINATION OF PRINCIPAL - AGENT RELATIONSHIP
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Distinguish power to terminate vs. right Either party has the power to terminate (unless irrevocable agency) May not have right If no right, may be liable for damages for breach of contract Ex. Hilgendorf case
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A party has the right to terminate the relationship when the other party has breached a duty Ex.: A breaches duty of obedience, due care, fiduciary duty Ex.: P interferes, fails to cooperate, insists on unlawful acts
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Termination by Acts of Parties By Agreement Contract itself or later rescission Fulfillment of purpose Ex. sale of house Occurrence of condition Ex. while P owns business, while P satisfied with performance By act of either party, whether or not party has right Notice of termination effective when received
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Termination by Operation of Law Death Of P Whether A knows of death or not Of A Personal power, not transferred Incapacity of P or A Note durable powers of attorney allow A to continue to act when P is incapacitated Destruction or loss of subject matter of agency
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This note was uploaded on 12/09/2011 for the course LAW 1101 taught by Professor Reed during the Spring '08 term at CUNY Baruch.

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Agency termination of relationship powerpoint 3 -...

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