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Agency - Termination of Authority and effect on P and A relationship Third Restatement Version

Agency - Termination of Authority and effect on P and A relationship Third Restatement Version

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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: Third Restatement Death / Incapacity of P or A Of P Terminates actual authority of agent WHEN agent has notice of P’s death Of A
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