Rights & Duties of Parties to an Agency R/ship Flashcards

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1
Q

What is A’s duty of care to P?

A

must follow P’s instructions and perform duties, tasks and transactions with reasonable care, diligence and judgment

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2
Q

What is A’s duty of loyalty/obedience to P?

A

A should avoid acts in A’s self-interest in agency matters and refrain from secretly profiting from transactions on behalf of P.

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3
Q

What is A’s duty regarding Notice/Accounting to P?

A

P is entitled to notice of all relevant issues, and an accounting of property or funds used on behalf of P.

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4
Q

What is P’s duty to deal fairly and in good faith per K terms?

A

Provide A with info concerning risks of physical or financial harm/loss that P knows but A does not; duty not to injure A’s business reputation.

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5
Q

What is P’s duty to indemnify A?

A

Indemnify against pecuniary loss suffered in connection with agency r/ship and w/in scope of A’s actual authority

(but NOT for A’s negligence or illegal or wrongful conduct)

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6
Q

What are P’s remedies for a breach by A?

A
  • injunction
  • breach of K action
  • tort action
  • recission
  • restitution
  • accounting
  • termination of agency r/ship
  • forfeiture of compensation
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7
Q

What are A’s rights in agency r/ship?

A
  • Compensation
  • to not have P interfere
  • Indemnification/reimbursement
  • safe work environment
  • contract or tort remedies
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8
Q

What is A’s duty of loyalty to P?

A
  • To act solely for the benefit of P, including not dealing with P as an adverse party w/out P’s knowledge;
  • not acquiring a material benefit in actions on P’s behalf,
  • not usurping business opps or competing with P,
  • not using P’s confidential info.
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9
Q

What are A’s performance duties to P?

A
  • contractual duties
  • duty of care/dilgence normally exercised by A in similar circumstances
  • duty of obedience
  • duty to provide relevant info and accounting
  • no commingling of accounts
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