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Agency
Agency
8
Law
Professional
12/04/2012

Additional Law Flashcards

 


 

Cards

Term
Agency - Def.
Definition
When one person manifests an intention that another person (agent) shall act on his behalf
Term
Liability of principal to 3rd parties of torts by agent
Definition

Principal will be liable for agent's tort if:

 

1. principal/agent relationship exists (ABC)

 

a. Assent - informal agrmnt between principal & agent

 

b. agent's conduct MUST be for principal's benefit

 

c. right to control agent, by power to supervise, allowing agent to use Ps tools, basis of compensation (paid by job = IC, paid hourly = agent)

 

Term
Liabilities of pricipal to 3rd party (2)
Definition

2. wheter tort was committed w/in scope of relationship:

 

a. was conduct w/in job description

 

b.did tort occur on Frolic or Detour

frolic = major deviation; detour = small deviation

 

c. Did agent intend to benefit principal

Term
Liability of Principal's for Ks entered into by Agents
Definition

Actual authority

Apparent authority

Ratification

Term
Actual authority
Definition

Express authority or implied authority

 

express = words to express authority

 

implied - agent rx believes P has given him authority

 

Equal dignities doctrine = if K itself must be in writing so must the express authority

Term
Apparent authority
Definition

1. Princ. cloaked agent w/ apparent authority

 

2. 3rd party rx relies on appearance of authority

-- 

lingering authority - actual authority has been terminated, however, agent continues to act on Ps behalf, P still liable b/c they cloaked agent

Term
Ratification
Definition

1. Principal has knowledge of facts

2. principal accepts its benefits

3. CA = cannot alter the terms of K

Term
Duties agent owes principal
Definition

1. duty to exercise rx care

2. duty to obey rx instructions

3. duty of loyalty -- no self dealing

no usurping principal's opportunity

no secret profits

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