1. Formation Flashcards by Jerek Hart | Brainscape

Q

Is consideration required for an agency agreement?

A

No

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Q

What type of capacity is required for an agency agreement?

A

Principal
- Contractual

Agent
- Minimal

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Q

Whose consent is required for an agency agreement?

A

Principal

Agent

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Q

Who must Agent act on behalf of?

A

Principal

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Q

Who must Agent act under control of?

A

Principal

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Q

Is writing required for an agency agreement?

A

Land transactions only (Statute of Frauds)

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Q

Can an agency agreement be formed without its formal requirements?

A

Yes

Act of parties (authority/ratification)
TP estoppel
Statute

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