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4 Cards in this Set
- Front
- Back
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Nature of the Agency Relationship |
An agent binds the principal in a contract |
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Duties of the Principal to the Agent |
1. Pay their fee 2. Pay their expenses (reimburse disbursements) |
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Duties of the Agent to the Principal |
1. Fiduciary Duty 2. Utmost good faith (disclose at beg.) 3. Obligation to communicate all material matters (ongoing) 4. Obey lawful instructions 5. Duty of Confidentiality 6. Perform service to a professional standard 7. Account for funds 8. Not to delegate without consent |
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4 Types of Agency |
1. Agency by express agreement (you hire them) 2. Agency by conduct (actions of principal) 3. Agency by necessity (perishables) 4. Agency by ratification (retroactive) |
