Agency Flashcards

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1
Q

What is an Agent?

A

Someone who acts on behalf of the principal in the making of a contract with the third party.

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2
Q

Is an estate agent a type of agent?

A

No not in the strict legal sense

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3
Q

What is agency?- Montgomerie v UK mutual steamship association 1891

A

Contract between principal and third party, no liability for agent to this contract

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4
Q

what are the 2 sources?

A

common law, statutory

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5
Q

statutory source

A

Commercial Agents (council Directive) Regulations 1993

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6
Q

creation of agency - Yasuda Fire and marine insurance co v orion marine insurance underwriting agency ltd 1995

A

no necessity for a contract to exist, sufficient there is consent

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7
Q

what are the elements for creation of agency?

A

agreement based upon consent, ratification, statue, necessity and capacity of principal

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8
Q

what are the types of authority?

A

express actual authority, implied actual authority and apparent/ostensible authority

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9
Q

what is express actual authority?

A

authority established by the principal on the agent. express terms, words

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10
Q

what is implied actual authority?

A

meaning an agent will be deemed to have authority that an agent in his position would normally have

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11
Q

what is apparent/ostensible authority?

A

an agent that acts outside their actual authority. will still be able to bind his principal where the principal has made a representation to the third party that the agent is acting within his authority

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12
Q

what is the consent theory?

A

Consent must be given either expressly or by words/conduct

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13
Q

implied by conduct cases

A

blackburn v mason, mullens v miller

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14
Q

what is a general agent

A

appointed to undertake a range of work

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15
Q

what is a special agent

A

appointed to carry out one particular task

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16
Q

what is a mercantile agent

A

have authority to sell goods on the principals behalf

17
Q

can a mercantile agent sell the goods in his own name?

A

yes Baring v Corrie 1818

18
Q

can a mercantile agent sell the goods in the principals name

A

yes Stevens v biller 1883

19
Q

what is a broker

A

never in physical possession of any property. to negotiate the contract between the buyer and seller

20
Q

what is a commission agent?

A

buy and sell goods on behalf of the principle. they act as principal to the third party.

21
Q

what is a confirming house?

A

help oversea buyers

22
Q

what is a forwarding agent?

A

responsible for arranging transportation of goods, takes on responsibility for the insurance of the goods. looks to principle to reimburse for the charges

23
Q

what is a del credere agent

A

agrees to indemnify the principle if 3rd party doesn’t pay for the goods. safety net for the principle

24
Q

what is a commercial agent?

A

self employed,