Agency Flashcards
1
Q
Agency types
A
Implied
Express
Aperant agency - continue to act as agent ( brother contractor )
2
Q
Express agency req
A
Can be oral or writing
Capacity of agent- don’t require agent to be in capacity. Principal require capacity
Don’t require consideration
3
Q
Duties of agent
A
Fiduciary - can’t benefit yourself
4
Q
Suitors of principal
A
Liability of payment to contract
Compensation
Reimbursement
Indemnification - pay them if they have to pay on your contract
5
Q
How to terminate agency
A
By agreement
Accomplishment of task
Quit/ fired
Terminates all Death Incapacity of principal Bankruptcy Breach of duty
