Agency & Partnership Professor Donald J. Kochan - PowerPoint PPT Presentation

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Agency & Partnership Professor Donald J. Kochan PowerPoint Presentation
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Agency & Partnership Professor Donald J. Kochan
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Agency & Partnership Professor Donald J. Kochan

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  1. Agency & PartnershipProfessor Donald J. Kochan Class 18

  2. Today’s Materials • Pages 501-523 • Termination ofthe Agency Relationship

  3. Termination By Will • Express v. Implied or Omission-Based Termination • Severance of the Relationship Issues • Termination by the Occurrence or Non-Occurrence of an Event • Quoted from the Text: “General agency law holds that ‘[a]uthority created in any manner terminates when either party in any manner manifests to the other dissent to its continuance . . .” • Quoted from the Text: “A principal has the power to terminate an agent’s authority at any time, although the termination may breach its contract with the agent.”

  4. Termination By Will • Contract Theory – Even if A or P can terminate it does not mean either might not be liable to the other under their contract • Fiduciary Duty Theory – Might an Agent Terminating Violate a Fiduciary Duty? • Wrongful Discharge Theory – not broadly recognized in California, but understand at will versus for cause • Notice of Termination May Be Required to Third Parties Relying on the P/A Relationship and Any Promises Made While the Relationship Was Active

  5. Want v. Century Supply Co. • At Will/Power to Terminate Case • Interpretation of Language of Indefinite Time • A principal’s termination may subject him to damages suffered by the agent • Reasonable Expectations When Making Investments on Behalf of Fulfilling the Principal’s Desires Should Be Compensable

  6. Termination by Operation of Law • Death • Hunt v. Rousmanier’s Administrators • Loss of Capacity • In re Berry’s Estate • Campbell v. United States • Bankruptcy • War

  7. Concluding Remarks • See Restatement on page 561 for Notice Focus • Principle Issue is Whether and When Obligations are Owed to Third Parties When an Agent is Terminated, A Principal or Agent Dies, A Principal or Agent Becomes Incapacitated or Bankrupt, or When Some Intervening Circumstance Like War Makes Performance Impracticable • Do the Problems on Pages 522-523