tailieunhanh - Lecture Dynamic business law (3/e) - Chapter 33: Agency formation and duties

After reading this chapter, you will be able to answer the following questions: What is agency law? How is an agency relationship created? What are the different types of agency? What are the different types of agency relationships? What are the duties of the agent and principal? What are the rights and remedies of the agent and principal? | Chapter 33 Agency Formation and Duties Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Chapter 33: Agency Formation and Duties Introduction to Agency Law Agency: Relationship between principal and agent Agent: One authorized to act for/on behalf of principal Principal: One who hires agent to represent him/her Fiduciary: One with duty to act primarily for another person’s benefit An agency represents the relationship between a principal and an agent. An agent is a party authorized to act for or on behalf of a principal, while a principal is the party who hires the agent for representation. A “fiduciary” has the duty to act primarily for another person’s benefit. Creation of Agency Relationship Expressed Agency: Agency formed by making written/oral agreement Power of Attorney: Document giving agent authority to sign legal documents on behalf of principal Durable Power of Attorney: Power of attorney intended to continue to be effective/take effect after principal incapacitated Agency By Implied Authority: Agency formed by implication, through conduct of parties Agency By Estoppel: Agency formed when principal leads third party to believe that another individual serves as his/her agent (although principal had actually made no agreement with purported agent) Agency By Ratification: Agency that exists when individual misrepresents himself/herself as agent for another party, and principal accepts/ratifies unauthorized act An “expressed” agency is an agency formed by making a written or oral agreement. A “power of attorney” is a document giving an agent the authority to sign legal documents on behalf of a principal. A “durable power of attorney” is a power of attorney intended to continue to be effective or to take effect after the principal has become incapacitated. An “agency by implied authority” is an agency formed by implication, through the conduct of | Chapter 33 Agency Formation and Duties Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Chapter 33: Agency Formation and Duties Introduction to Agency Law Agency: Relationship between principal and agent Agent: One authorized to act for/on behalf of principal Principal: One who hires agent to represent him/her Fiduciary: One with duty to act primarily for another person’s benefit An agency represents the relationship between a principal and an agent. An agent is a party authorized to act for or on behalf of a principal, while a principal is the party who hires the agent for representation. A “fiduciary” has the duty to act primarily for another person’s benefit. Creation of Agency Relationship Expressed Agency: Agency formed by making written/oral agreement Power of Attorney: Document giving agent authority to sign legal documents on behalf of principal Durable Power of .