Agency Flashcards
What is an Agent?
Someone who acts on behalf of the principal in the making of a contract with the third party.
Is an estate agent a type of agent?
No not in the strict legal sense
What is agency?- Montgomerie v UK mutual steamship association 1891
Contract between principal and third party, no liability for agent to this contract
what are the 2 sources?
common law, statutory
statutory source
Commercial Agents (council Directive) Regulations 1993
creation of agency - Yasuda Fire and marine insurance co v orion marine insurance underwriting agency ltd 1995
no necessity for a contract to exist, sufficient there is consent
what are the elements for creation of agency?
agreement based upon consent, ratification, statue, necessity and capacity of principal
what are the types of authority?
express actual authority, implied actual authority and apparent/ostensible authority
what is express actual authority?
authority established by the principal on the agent. express terms, words
what is implied actual authority?
meaning an agent will be deemed to have authority that an agent in his position would normally have
what is apparent/ostensible authority?
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
what is the consent theory?
Consent must be given either expressly or by words/conduct
implied by conduct cases
blackburn v mason, mullens v miller
what is a general agent
appointed to undertake a range of work
what is a special agent
appointed to carry out one particular task
what is a mercantile agent
have authority to sell goods on the principals behalf
can a mercantile agent sell the goods in his own name?
yes Baring v Corrie 1818
can a mercantile agent sell the goods in the principals name
yes Stevens v biller 1883
what is a broker
never in physical possession of any property. to negotiate the contract between the buyer and seller
what is a commission agent?
buy and sell goods on behalf of the principle. they act as principal to the third party.
what is a confirming house?
help oversea buyers
what is a forwarding agent?
responsible for arranging transportation of goods, takes on responsibility for the insurance of the goods. looks to principle to reimburse for the charges
what is a del credere agent
agrees to indemnify the principle if 3rd party doesn’t pay for the goods. safety net for the principle
what is a commercial agent?
self employed,
