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4 Cards in this Set

  • Front
  • Back
Relationship of Parties
1) Principal-agent

2) Principal-third party

3) Third party-agent
Principal-Agent
A owes P strict fiduciary duties, even if agency is gratuitous:
Loyalty: must disclose and get permission before competing
Obedience: Must follow P's reasonable instructions
Care: depends on special skills A has ("sliding scale")

P: Must compensate (unless gratuitous), reimburse, indemnify

Remedies: many (contract, tort, constructive trust)
Principal-Third Party (assuming actual authority or a substitute)
Principal: P is always liable to T
Third Party: T is almost always liable to P

Exception: If T doesn't know P exists ("undisclosed P") AND A has special skill/reputation
Third Party-Agent
Third Party: T not liable to A unless A's power of agency was "coupled with an interest"

Agent: A not liable to T unless P is undisclosed or unidentified or A misrepresented her authority