Lecture 8 BFA601 Semester 1 2018.pptx

Agency what is an agent authorised to do 238 cont

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AGENCY What is an agent authorised to do? (2.38.) cont.
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© 2014 Reed International Books Australia Pty Limited trading as LexisNexis Agents have both a contractual and fiduciary duty to the principal Duties include keeping records, acting honestly, avoiding a conflict of interest An agent must follow instructions (Dilgently and carefully, or the agent may be personally liable) Mitor Investments Pty Ltd v General Accident Fire & Life Assurance Corporation Ltd [1984] AGENCY Agents have a fiduciary duty (2.39) AGENCY Agents have a fiduciary duty (2.39)
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© 2014 Reed International Books Australia Pty Limited trading as LexisNexis To make full disclosures of any interest they have regarding the principal’s instructions Not to make secret profits Lunghi v Sinclair [1966] Confidentiality: a duty not to disclose confidential information Consul Development Pty Ltd v DPC Estates Pty Ltd (1975) AGENCY Duties of an agent (2.39) AGENCY Duties of an agent (2.39)
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© 2014 Reed International Books Australia Pty Limited trading as LexisNexis To act in person John McCann & Co v Pow To keep proper accounts AGENCY Further duties of an agent (2.39) AGENCY Further duties of an agent (2.39)
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© 2014 Reed International Books Australia Pty Limited trading as LexisNexis The right to remuneration but only if there was an agreement for payment and only if the Agent has done what he needed to do to earn this payment The right to indemnity and reimbursement The right to a lien The right to a stoppage in transit AGENCY Rights of an agent (2.40) AGENCY Rights of an agent (2.40)
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© 2014 Reed International Books Australia Pty Limited trading as LexisNexis performance: Agreement renunciation by the agent dismissal by the principal: because of breach of the agency agreement revocation of authority Frustration AGENCY Ending an agency (2.41) AGENCY Ending an agency (2.41)
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© 2014 Reed International Books Australia Pty Limited trading as LexisNexis The operation of law may also terminate the agency: on the expiration of time, if specified, or within a reasonable period of time; death of a party, the principal or agent; insanity or bankruptcy; or where the purpose of the contract has become illegal. AGENCY Ending an agency (2.17) cont. AGENCY Ending an agency (2.17) cont.
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  • Reed International Books, International Books Australia, Books Australia Pty, Pty Limited trading, Reed International Books Australia Pty Limited

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