Basic Information On Agency

Question 1

Bowstead and Reynolds

Answer 1

Fiduciary relationship between two persons, one of whom contracts for the other. The one contracting is the agent and the other one is the principal

Question 2

Fiduciary relationship

Answer 2

A relationship of trust between two persons, one of whom is acting respect of the other person and is obligated to act solely for their benefit

Question 3

TB Smith

Answer 3

An agent is required to disclose all profits made by the obligations carried out, especially in trusts

Question 4

Agency can be..

Answer 4

Express or implied. You may not even know you are an agent

Question 5

Mandate

Answer 5

Copland v Brogan - Lost someone’s money still under reasonable duty of care to look after it and not lose it

Question 6

Contractual requirements for agency

Answer 6

Age
Mental capacity
Physical capacity - Lord Advocate v Chung
Companies and Partnerships can have agents too.
Watson v Yanyan Ltd - Company must be in existence
McMeekin v Easton - Church congregation personally liable

Question 7

Agents have the power

Answer 7

Disclosure and authority