Chapter 5: Summary Flashcards
1
Q
What are the four ways an agent can be created?
A
Agreement
Estoppel
Necessity
Ratification
2
Q
What are the two ways that agreement can create an agent?
A
Express
Implied
3
Q
What are the seven duties of an agent?
A
Accountability
No Conflict of Interest
Performance
Obedience
Skill
Personal Performance
Confidence
4
Q
What are the three rights of an agent?
A
Indemnity
Remuneration
Lien
5
Q
What three ways is authority given to an agent?
A
Actual Express
Actual Implied
Ostensible/Apparent
6
Q
What is the liability of a disclosed principal?
A
Principal is liable unless it is clear that the parties intended otherwise.
7
Q
What is the liability of an undisclosed principal?
A
Agent is liable unless the third party becomes aware of the principal’s existence, in which case they can choose who to sue.
