Agency Flashcards

1
Q

What are rules of agency law?

A
Principal needs capacity, not agent
No contract required
No consideration required
Must be consent
No need to be in writing unless fall under Statute of Frauds
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What is a fully disclosed principal?

A

3rd party know identity of principal

Principal liable, not agent

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What is a partially disclosed principal?

A

3rd party knows agent is acting for another, but not identity
Principal and agent jointly and severally liable

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What is an undisclosed principal?

A

3rd party believes agent is acting for themselves

Either principal or agent liable

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

How is an agency terminated?

A

Agreement
Unilateral
Operation of law - death, insanity, or bankruptcy of principal, subject matter illegal or impossible

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What can the agent recover for a breach by the principal?

A

Recovery for past services
Recovery for future damages
Authority to withhold further performance
Not specific performance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What is required for a principal to ratify a contract?

A

Meet all 3:
Must have been fully or partially disclosed
Understand the contract
Act to ratify before 3rd party discovers agent acted without authority
Must ratify contract in its entirety

How well did you know this?
1
Not at all
2
3
4
5
Perfectly