BLS Ch 33 - CHAPTER 33: Agency Formation and Duties Agency...

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CHAPTER 33: Agency Formation and Duties Agency Relationship : the agent is authorized to act for and on behalf of the principal, who hires the agent to represent him or her Agency : Creation of the Agency Relationship o 1. By expressed agency (agency by agreement) o 2. By implied authority o 3. By apparent agency (agency by estoppel) o 4. By ratification Agency Relationships o Principal-Agent Relationship o Employer-Employee Relationship o Employee-Independent Contractor Relationship Duties of the Agent and the Principal o Principal’s Duty to the Agent Duty to compensate Duty of reimbursement and indemnification Duty of cooperation Duty to provide save working conditions o Agent’s Duties to the Principal Duty of loyalty Duty of notification Duty of performance Duty of obedience Duty of accounting Rights and Remedies o Principal’s Rights and Remedies against the Agent Constructive trust Avoidance Indemnification
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This note was uploaded on 03/23/2012 for the course BLS 151* taught by Professor Staff during the Fall '09 term at Miami University.

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BLS Ch 33 - CHAPTER 33: Agency Formation and Duties Agency...

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