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Agency UNDISCLOSED PRINCIPALS powerpoint 6

Agency UNDISCLOSED PRINCIPALS powerpoint 6 - UNDISCLOSED...

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UNDISCLOSED PRINCIPALS Review definitions Disclosed Principal T knows that A is acting as an agent and knows the identity of the P Partially Disclosed (unidentified) Principal T knows that A is acting as an agent but does not know the identity of the P Undisclosed Principal T does not know that A is acting as an agent and does not know the identity of the P
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Undisclosed Principal - General Rule P may lawfully authorize A to contract in A’s name for P’s benefit without revealing P’s identity or existence Therefore, may create binding P-------T contract
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Exceptions 1. Deception, misrepresentation Ex. A - P knows T would not contract with him A’s knowledge that T would not deal with P may be imputed to P Distinguish from situation in which P knows will get better price if existence not known – permissible to be undisclosed P Ex. B - A deceives T Affirmative statement that no undisclosed P Or silence with knowledge that T would not contract with P
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Exceptions (cont.)
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