Agency - Rights and Duties Powerpoint 2

Agency - Rights and Duties Powerpoint 2 - RIGHTS AND DUTIES...

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RIGHTS AND DUTIES OF PRINCIPALS AND AGENTS
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AGENT’S RIGHTS General Rule: If A acts with actual authority, entitled to: Compensation (as agreed or reasonable value of services unless gratuitous) Reimbursement of reasonable expenses actually incurred Indemnification of losses suffered because acting for P, if losses were not the result of A’s breach of duty or other wrongdoing May lose these rights if breaches duty owed to P
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AGENT’S DUTIES Sources : Agency contract Common law - based on fiduciary relationship
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1. Duty of Obedience An Agent has a duty to obey the P’s lawful instructions No obligation to obey unlawful instructions (not just illegal instructions) If A breaches duty A is liable for damages caused to P by breach A loses the right to be indemnified for any losses A suffers because of breach P may terminate contract
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Exception to Duty of Obedience: Emergency A may do what is reasonably necessary to protect P’s property, even if violates P’s instructions, if A has made reasonable efforts to contact P
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2. Duty of Diligence (Duty of Due Care) An agent has the duty to use reasonable skill and care when acting for the principal
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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 - Rights and Duties Powerpoint 2 - RIGHTS AND DUTIES...

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