creating the agency relationship

Question 1

draw the principal/agent/third party triangle

Question 2

what is agency via the rst 1.01(broken down in four)

Answer 2

1. fiduciary relationship that
2. arises when a principal manifests assent to an agent that the agent will act on the principal’s behalf and
3. subject to the principal’s control, and
4. the agent manifests assents or otherwise consents to so act

Question 3

what happens if all the rst elements of an agency are met but the parties explicitly say its not an agency relationship

Answer 3

if the definition is met, then the agency relationship exists ; the def does not require that the parties intend to form an agency relationship

Question 4

does paperwork have to be filed in order for the agency relationship to exsist?

Answer 4

no; its a legal conclusion

Question 5

what are the elements of creating an agency relationship

Answer 5

1. manifestation of assent from the P for the A to act on P’s behalf and manifestation of assent for A to act (ie assent by both parties)
2. the agent actually acts on behalf of the P, primarily for the P’s benefit
3. A’s actions subject to P’s control

Question 6

what does the manfiest of assent need to be

Answer 6

voluntary

Question 7

what does the existence of the agency relationship trigger/create

Answer 7

creates/triggers certain legal obligations that partners would probably expect

Question 8

key takeaway from Rezac motion to dismiss (the cow selling case)

Answer 8

A principal-agent relationship does not exist if there is no assent by both parties, intended benefit to the principal, and control by the principal.

Takeaway: Lack of control + agent autonomy = no agency

Question 9

what does rezac say about the principal agent relationship in terms of control and benefit

Answer 9

A principal-agent relationship does not exist if, among other things, there is no control by or intended benefit to the principal.