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BLAW ch 15

Terms in this set (15)

To create an agency relationship, there must be what 5 things
1.principle
2.agent
3. consent
4. control
5.fiduciary relationship
princple
in an agency relationship, the person for whom an agent is acting
agent
in an agency relationship, the person who is acting on behalf of a principle
fiduciary relationship
beneficiary places special confidence in the fiduciary who is obligated to act in good faith, putting his own needs second
elements NOT required for an agency relationship
written agreement, formal agreement, consideration
rule of: confidental information
agents can neither disclose nor use for their own benefit any confidental info they aquire during their agency
rule of competition w/ principle:
agents arent allowed to compete with their prinicipal in any matter within the scope of the agency business
conflict of interest rule:
an agent may not act for two principals whose interests conflict
additional duties of an agent:
duty to obey instructions, duty of care, duty to provide info
3 principle remedies when AGENT breaches a duty
-recover damages breach caused
-if duty of loyalty was broken, agent must give prinicple profits he earned
-prinicple can rescind transaction
3 duties of principles to reimburse agents
-any expenses or damages reasonable incured in carrying out his agency responsbilities
-tort claims brought by 3rd party if the prinicple authorized the agents behavior
-any liability incured from 3rd party as a result of entering into a contract on the principles behalf
3 aspects of duty to cooperate (p to agent)
-p must furnish the agent with the opportunity to work
-p cant unreasonaly interefer with the agents ability to accomplish his task
-p must perform her part of contract
5 choices in terminating relationship
-term agreement
-achieving a purpose
-mutual agreement
-agency at will
-wrongful termination
three types of authority
express, implied, apparent
respondeat superior
"let the master answer"= an employer is liable for a tort committed by its employee acting within the scope of employment or acting with apparent authority
THIS SET IS OFTEN IN FOLDERS WITH...