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10 Cards in this Set
- Front
- Back
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Agency by Agreement
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-can be written or oral
-has both expressed and implied elements -one party can get out at any time but may be held responsible for certain things already done -implied powers can exist in cases of emergencies and to prevent injury |
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Agency by Ratification
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-someone who is not an agent comes into the equation
-contract entered into by non agent helps principal -if principal says no- NO AGENCY -if principal says YES- principal becomes bound to contract |
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Agency by Apparent Authority
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-actual authority does not exist
-third party can bind principal to actions of another if the third party believes they are an agent acting for the principal or the principal leads third party to believe the person is an agent through affirmation or not stopping agent from acting negligently |
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Agency by Operation of Law
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law creates or implies an agency relationship
-used a lot of the time when there is an emergency or necessity |
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How do you terminate an Agency? ( 4 key subjects )
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-one of the parties no longer gives consent
-mutual consent to end relationship -stated or reasonable time period elapses -by operation of law ( change in law, subject matter is destroyed, death or insane of principal OR agent, principal declares bankruptcy) |
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What are the 5 duties of Agents?
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Loyalty, Obedience + performance, Reasonable Care, Duty to Account, Duty to notify
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What is a disclosed principal?
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principal known, third party knows about agency
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What is a partially disclosed Principal?
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third party knows of agency but don't know of principal
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What is an Undisclosed Principal?
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third party does not know a principal even exists
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What is false imprisonment?
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intentionally causing the confinement of another by: 1. physically restraining an individual 2. using threatening force against a person or their family in order to restrain
3. using threatening force against their property to restrain them 4. refusing to release when duty to do so exists |
