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9 Cards in this Set
- Front
- Back
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What is agency relationship?
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Consensual
Contractual relationship between Principal and agent. |
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Who may be in agent principal relationship?
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Partners.
Directors and officers of corporation. |
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Describe how relationship is created.
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When agent is retained by principal to act for him. Add an element of fiduciary duty.
Principal has right to control agent. |
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What are two things agents cannot do in a transaction for principal?
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Act secretly on his own & act for both parties in same deal.
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When agent acts with actual authority what has happened?
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He has acted with express agreement and the principal is bound.
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What is the result when principal acts like someone is his agent?
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This representation creates apparent authority.
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What are principal's remedies against his agent?
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Action in contract for service
Action for losses and misuse or property Action in equity to enforce express trust Action in accounting, Injunction or recission |
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How can an agency be terminated?
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Normally, any time. At will unless agency coupled with an interest in the subject matter of the agency.
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What is essential to termination of agency?
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Notice to 3P who have dealt with agent that it is terminated.
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