Contract Authority of Agents Third Restatement Version

Contract Authority of Agents Third Restatement Version -...

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AUTHORITY OF AGENTS
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AUTHORITY -- OVERVIEW -- 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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Overview - Basic Issues Under what circumstances Will P be bound on a contract with T? Will A be liable to P if P is bound? Will A be liable to T if P is not bound?
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Overview - Concepts Actual authority Authority that P consents to A exercising Apparent authority Authority T reasonably believes A has because of something P has done Ratification Affirmance by P of an unauthorized contract
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Actual Authority Authority which P has consented to A exercising Express Actual Authority Given by P in words, whether oral or written Implied Actual Authority Authority A reasonably believes he has because of P’s conduct
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Implied Actual Authority May be found If act reasonably necessary to perform what P has expressly authorized A to do From title, nature of position From course of dealing Ex. P has acquiesced in prior similar transactions Note: There can be no implied actual authority where A has been given express limitations
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actual authority exists or does not exist In the absence of express instructions or limitations, course of dealing or custom and usage, does A have implied actual authority To sell P’s goods on credit? No unless established custom and usage in that type of
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Contract Authority of Agents Third Restatement Version -...

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