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Chapter Five

Chapter Five. Agency Law. Formation of the Agency Relationship. Agency by Agreement. Agency by Ratification. Agency by Estoppel. Agency by Operation of Law. Agent’s Duties to the Principal. Performance. Notification. Loyalty. Obedience. Accouting. Principal’s Duties to the Agency.

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Chapter Five

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  1. Chapter Five Agency Law

  2. Formation of the Agency Relationship Agency by Agreement Agency by Ratification Agency by Estoppel Agency by Operation of Law

  3. Agent’s Duties to the Principal Performance Notification Loyalty Obedience Accouting

  4. Principal’s Duties to the Agency Compensation Reimbursement Indemnification Cooperation Safe Working Conditions

  5. Scope of Agent’s Authority Actual Authority Express Authority Implied Authority ApparentAuthority and Estoppel Apparent Authority through a Pattern of Conduct Apparent Authority through an Agent’s Possession Emergency Powers Ratification

  6. Liability for Contract Actual Authority When the Principal is liable Apparent Authority Ratification Disclosed Principal When the agent is liable Partly Disclosed Principal Undisclosed Principal

  7. Liability for Agent’s Torts and Negligence The Principal’s own tortious Conduct Liability for Agent’s Torts The principal’s authorization of agent’s tortious act Agency by Ratification The agent’s unauthorized but tortious misrepresentation made within the scope of the agency Liability for Agent’s Negligence Respondeat Superior (when the agent is an employee

  8. Termination of an Agency Termination by act of the parties Termination by operation of law Lapse of time Death or insanity Purpose achieved Loss of the agency’s subject matter Occurrence of a specific event Bankruptcy Mutual agreement War between the two respective countries Termination by one party

  9. Exercises • 1. What is express authority and implied authority? • 2. What are the duties of the agent to the principal? • 3. What is agency coupled with interest? • 4. Charles gave Halston authority to sell several household items for her for $175 in a garage sale. Halston sold the items for $200 and kept the additional %25 for herself. May Charles recover the $25? • 5. What are the five types of authorities in the American Law? Is there difference any between it and that of German agency law? • 6. Bruce is hired as a booking agent for a rock group, the Crash, as the group’s agent. Bruce can negotiate contracts for the rock group to appear at concerts. Are the contracts binding and thus legally enforceable against the group?

  10. 7. Ben is off-duty but wearing the uniform of his employer’s. A member of the public hands some money to Ben, who then steals it? Who bears the loss? • 8. Johnson accompanies Charles to call on a customer, Stevenson, the owner of the General Seed Store. Johnson is not employed by Charles at this time. Charles says to Stevenson that he wishes he had two more assistants “just like Johnson”. This gives Stevenson reason to believe that Johnson is an agent for Charles. Stevenson then places seed orders with Johnson. If Charles does not correct the impression that Johnson is an agent, will Charles be bound to fill the orders? • 9. Elizabeth owns Green Hills. She needs some immediate cash, so she enters into an agreement with Tom Smith. The Agreement provides that Smith will lend her $15,000, and she agrees to grant Smith a one-half interest in Green Hills and “the exclusive right to sell” it with the loan to be repaid out of the sale’s proceeds. Smith is Elizabeth’s agent. Is Smith’s agency coupled with an interest?

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