Agency: Types & Creation

Question 1

Agency:
Parties
Types

Answer 1

• two party relationship
  Types
• Special Agent: single transaction or series of related transactions Ex) Real estate, executor of estate
• General Agent: conduct all necessary or personal business for principal Ex) restaurant owner hires manager
• Universal Agent: All acts that can be legally delegated
• Power of Attorney: formal written creation of agency relationship that lists authority granted
  
  • Signed by Principal
  • Generally construed narrowly
• Independent Contractor: acts on behalf of principal, but principal does not control and scope is limited (No liability to third parties)

Question 2

Agency:

Creation of Express Agency Relationship

Answer 2

Express Agency: principal orally or in writing, delegates authority to another

• writing NOT required, unless Statute of Frauds
  
  • contract must be in writing under statute of frauds
  • cannot be completed within one year
• Can be a minor
• Consideration: can be with or without (if without can quit at any time)
• Accompanying Implied Authority
  
  • when principle creates, agent holds authority given

Question 3

Agency:

Apparent Agency

Answer 3

• agent does not have express authority, but appears to
• Lingering apparent authority (principle fires but agent continues to act as agent
• Agency by estoppel: agent acts as if another is an agent
• can ratify contracts when apparent agent does not have authority