Legal concept of agency Flashcards
What is agency
A fiduciary relationship where an agent is to act in the interest of a principle
Does parties have to explicilly agree to a principle agent dynamic to be governed under such laws
No, they just have to fufill the criteria
A principle has the power to alter the agents legual relationships by signing contracts and relinquishing property
False its the other way around
The power of an agent comes from the principle if the principles power is ended by death or insanity the agents power is no longer valid
True
What is power in law
The ability to alter legal relations
What is authority in law
The consent to take an action
What are the two liabilities in the agency power liability relation
The liability of the principle to the third parties as assigned by the agent and the liability of the agent to act in the interest of the principle
What is the diference of an agency and a trust
A trustee holds property for a principle while an agento only has the ability to alter proprietary relationships. The trustee also cannot make contracts on behalf of the principle while the agent can
What is the difference between an agency and a bailment
Bailee does not repersent the bailor and bailee cannot enter into contracts on behalf ob bailor, bailments are also obligations of delivery while an agency is more general
Is a person who calls themselves and is being called an agent obliged to a principle agent relation
No, it is a matter of substance not linguistics
The relationship between agency and sale are muturally exclusive
Yes
name four types of agents
auctioneers, directors, partners and solicitors/counsel, factors brocers etc
What are the characteristics of a commercial agent
they are self employed and continuing authority and are given special rights and regulation
Are there attempts to harmonize agency law
Yes although it is not yet widely ratified
