c4 general Flashcards
4 ways to become an agency
Consent
Estoppel
Necessity
Ratification
Agency by consent
Express or implied
Oral or verbal - unless deed (writing)
Agency by estoppel
Have not stopped the belief of a 3rd party - by words or conduct
Therefore leads a 3rd party to act like the person is an agent
OR if authority is withdrawn by the 3rd party has not been told!
Agency by necessity - what do they need to show:
No practical way of contacting principle
Actions arose from a pressing need/emergency
Acted in good faith of the principle
Action was reasonable and prudent
There should be some prior contractual arrangement
Agency by ratification - requirements:
Retrospective validation of past acts of an agent - as if agent was authorised from the beginning
Principle must be in existence at time of agent’s act
Principle must have capacity - agent doesn’t require it
Agent, at time of making the contract, states the principle’s name
Occurs within a reasonable time of the contract being made
Principle MUST communicate clearly (action or express) clear intention of ratification - cannot show by passive inactivity
Should an agent be appointed by writing?
No - unless deed!
3 rights of an agent
Imdemnity = repaid his expenses
Remuneration = entit;ed to be paid
Lien = right to exercise lien over a property aka retain property of principle holding the sums the principle owes them (like a security)
Agency right = indemnity
Repaid his expenses
Agency right = remuneration
Be paid remuneration
Agency right = lien
Right to exercise lien over property owned by the principle
is the relationship between a principal and their agent a fiduciary one?
yes (TRUST)
types of authority of an agent
actual express authority
actual implied authority
ostensible authority
authority: express words/actions
actual express
authority: role/position in a Co
actual implied authority
authority: apparent
ostensible authority - expressly or not saying no
