Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Agency > Creation of Agency > Flashcards

Creation of Agency Flashcards

1
Q

What is agency?

A

“agency” refers to legal relationship whereby one person (“principal”) MANIFESTS ASSENT that another person (“agent”) shall act on her behalf and under her control, and agent consents to so act

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What issues arise with regards to creation of an agency relationship?

A
  1. capacity
  2. formalities
  3. modes of creating agency relationship
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

With regards to principals, what is the rule re “capacity” ?

A

Rule –> Principal must have “contractual capacity”

Thus –>

  • minor’s appointment of agent = voidable
  • incompetents cannot be principal
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

With regards to agents, what is the rule re “capacity” ?

A

Rule –> Agents need only MINIMAL capacity

THUS –>

  • one may be an agent even though he has no contractual capacity
  • minor can be agent, but not principal

EXCEPTION –> if agent has literally no mental capacity, he cannot act for principal

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What is the rule re: disqualification of agents ?

A

-agent may be disqualified for representing both parties or failing to have license

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

With regards to “formalities” - what issues arise?

A
  1. consent
  2. is consideration required
  3. is writing required
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Is consent required to form agency?

A

Yes, consent of both parties is required to form an agency relationship

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Is consideration required to form agency?

A

No.

One may agree to serve as an agent gratuitously and be saddled w the duties of an agent

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Is a writing required to form an agency?

A

General rule –> No

HOWEVER –> many state require writing when K agent is to enter into is within SOF (esp land transactions)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What are the methods of creating an agency relationship by act of the parties (3)?

A
  1. Agreement btwn agent and principal (“actual authority”)
  2. holding out by principal (“apparent authority”)
  3. ratification
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What are the methods of creating an agency relationship by operation of law?

A
  1. Estoppel (virtually the same as apparent authority in that it requires 3rd party reliance on the principal’s communication)
  2. Statute
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What issues arise with regards to creation of an agency relationship?

A
  1. capacity
  2. formalities
  3. modes of creating agency relationship
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

With regards to principals, what is the rule re “capacity” ?

A

Rule –> Principal must have “contractual capacity”

Thus –>

  • minor’s appointment of agent = voidable
  • incompetents cannot be principal
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

With regards to agents, what is the rule re “capacity” ?

A

Rule –> Agents need only MINIMAL capacity

THUS –>

  • one may be an agent even though he has no contractual capacity
  • minor can be agent, but not principal

EXCEPTION –> if agent has literally no mental capacity, he cannot act for principal

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What is the rule re: disqualification of agents ?

A

-agent may be disqualified for representing both parties or failing to have license

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

With regards to “formalities” - what issues arise?

A
  1. consent
  2. is consideration required
  3. is writing required
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Is consent required to form agency?

A

Yes, consent of both parties is required to form an agency relationship

18
Q

Is consideration required to form agency?

A

No.

One may agree to serve as an agent gratuitously and be saddled w the duties of an agent

19
Q

Is a writing required to form an agency?

A

General rule –> No

HOWEVER –> many state require writing when K agent is to enter into is within SOF (esp land transactions)

20
Q

What are the methods of creating an agency relationship by act of the parties (3)?

A
  1. Agreement btwn agent and principal (“actual authority”)
  2. holding out by principal (“apparent authority”)
  3. ratification
21
Q

What are the methods of creating an agency relationship by operation of law?

A
  1. Estoppel (virtually the same as apparent authority in that it requires 3rd party reliance on the principal’s communication)
  2. Statute
22
Q

What issues arise with regards to creation of an agency relationship?

A
  1. capacity
  2. formalities
  3. modes of creating agency relationship
23
Q

With regards to principals, what is the rule re “capacity” ?

A

Rule –> Principal must have “contractual capacity”

Thus –>

  • minor’s appointment of agent = voidable
  • incompetents cannot be principal
24
Q

With regards to agents, what is the rule re “capacity” ?

A

Rule –> Agents need only MINIMAL capacity

THUS –>

  • one may be an agent even though he has no contractual capacity
  • minor can be agent, but not principal

EXCEPTION –> if agent has literally no mental capacity, he cannot act for principal

25
Q

What is the rule re: disqualification of agents ?

A

-agent may be disqualified for representing both parties or failing to have license

26
Q

With regards to “formalities” - what issues arise?

A
  1. consent
  2. is consideration required
  3. is writing required
27
Q

Is consent required to form agency?

A

Yes, consent of both parties is required to form an agency relationship

28
Q

Is consideration required to form agency?

A

No.

One may agree to serve as an agent gratuitously and be saddled w the duties of an agent

29
Q

Is a writing required to form an agency?

A

General rule –> No

HOWEVER –> many state require writing when K agent is to enter into is within SOF (esp land transactions)

30
Q

What are the methods of creating an agency relationship by act of the parties (3)?

A
  1. Agreement btwn agent and principal (“actual authority”)
  2. holding out by principal (“apparent authority”)
  3. ratification
31
Q

What are the methods of creating an agency relationship by operation of law?

A
  1. Estoppel (virtually the same as apparent authority in that it requires 3rd party reliance on the principal’s communication)
  2. Statute
32
Q

What issues arise with regards to creation of an agency relationship?

A
  1. capacity
  2. formalities
  3. modes of creating agency relationship
33
Q

With regards to principals, what is the rule re “capacity” ?

A

Rule –> Principal must have “contractual capacity”

Thus –>

  • minor’s appointment of agent = voidable
  • incompetents cannot be principal
34
Q

With regards to agents, what is the rule re “capacity” ?

A

Rule –> Agents need only MINIMAL capacity

THUS –>

  • one may be an agent even though he has no contractual capacity
  • minor can be agent, but not principal

EXCEPTION –> if agent has literally no mental capacity, he cannot act for principal

35
Q

What is the rule re: disqualification of agents ?

A

-agent may be disqualified for representing both parties or failing to have license

36
Q

With regards to “formalities” - what issues arise?

A
  1. consent
  2. is consideration required
  3. is writing required
37
Q

Is consent required to form agency?

A

Yes, consent of both parties is required to form an agency relationship

38
Q

Is consideration required to form agency?

A

No.

One may agree to serve as an agent gratuitously and be saddled w the duties of an agent

39
Q

Is a writing required to form an agency?

A

General rule –> No

HOWEVER –> many state require writing when K agent is to enter into is within SOF (esp land transactions)

40
Q

What are the methods of creating an agency relationship by act of the parties (3)?

A
  1. Agreement btwn agent and principal (“actual authority”)
  2. holding out by principal (“apparent authority”)
  3. ratification
41
Q

What are the methods of creating an agency relationship by operation of law?

A
  1. Estoppel (virtually the same as apparent authority in that it requires 3rd party reliance on the principal’s communication)
  2. Statute

Agency (8 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions