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4 Cards in this Set
- Front
- Back
Relationship of Parties
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1) Principal-agent
2) Principal-third party 3) Third party-agent |
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Principal-Agent
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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) |
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Principal-Third Party (assuming actual authority or a substitute)
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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 |
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Third Party-Agent
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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 |