Disclosure of principals

Question 1

Disclosure of principal: definition and parties to K

Answer 1

Principal is disclosed when third party knows 1) agent is acting on behalf of PRINCIPAL and 2) KNOWS identity of principal

Parties: third party and principal

Question 2

Partially disclosed principal: definition and parties to K

Answer 2

Principal is partially disclosed when third party knows that agent is working on BEHALF OF principal, but NOT identity of principal

Parties: third party, principal, and agent

Question 3

Undisclosed principal: definition and parties to K

Answer 3

When third party knows NEITHER agent’s status as agent OR principals identity

Parties: third party and agent

Question 4

Can principal be party to contract when his identity is undisclosed?

Answer 4

MAYBE, depends on whether agent had AUTHORITY to BIND principal to K

Question 5

Must agent hav authority to bind principal to K for disclosed or partially disclosed situations?

Answer 5

YES, success of K assumed agent had such authority