agency Flashcards
agency formation
created when P manifest intent that A acts on Ps behalf under P’s control. (ABC elements)
- Assent, benefit, control. Either party can terminate
liability of agent
- disclosed P
- Partially disclosed P
- undisclosed P
Liability of agent - Disclosed P
3P has notice + knows P’s identity = A is not liable
Liability of agent - Partially disclosed P
3P has notice + doesn’t know P’s identity = A is liable
Liability of agent - Undisclosed P
3P doesn’t know of agency relationship = A is liable
actual authority
- Express: through written or spoken words, A reasonably believes they have authority to act
- Implied: allows A to take reasonable steps necessary to achieve P’s objective within accepted business practice or customs
apparent authority
3P reasonably believes that A has authority to act
duties of agent
- duty of loyalty
- duty of reasonable care
- duty of obedience
- duty of notification and accounting
duty of loyalty
work only for P’s benefit and not to compete, usurp P’s business opportunity, not take secret profit
duty of reasonable care
perform w/reasonable diligence and skill
duty of obedience
obey reasonable instructions
duty of accounting and notification
must keep P informed and account for funds
duty of principal
- duty to compensate
- duty to deal fairly and in good faith
- duty to cooperate
- duty to indemnify
duty to compensate
per express/implied agreement
duty to deal fairly/good faith
provide safe work environment
