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BLAW CHAP 10_ Agency & Partnership _ 100- SURE ANSWERS.pdf
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BLAW CHAP 10_ Agency & Partnership _ 100- SURE ANSWERS.pdf
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8/4/24, 12:32 PMBLAW CHAP 10: Agency & Partnership
Jeremiah
Terms in this set (10)
Agent represents and acts on behalf of a principal in dealing with third parties
Principal a person - natural or corporate
service an agent provides
Agency
(you stop being an agent when the service is performed)
- a contract (written or unwritten)
Agency relationship is created by the
granting of authority through: - estoppel (no contract, relationship with agent still exists)
<-- ex. lawyer doing pro bono case
The authority specifically given by the principal to the agent and contained in the
Actual authority in the agency agreement
agency agreement as terms
How the situation appears to a third party outsider, usually has no knowledge on the
relationship between principal-agent
Agency by Estoppel (Apparent Authority)
(unaware of agreement terms)
Fiduciary Duty (duty of loyalty) Act in good faith and put the best interests of the principal above your own
granting authority for making personal medical decisions and routine financial decisions
Representation agreement
to your agent
Power of attorney granting authority for financial and other non-medical decision-making to your agent
a person who's required to act in the best interest of another party rather than their own
Fiduciary
financial interests
https://quizlet.com/ca/913518515/blaw-chap-10-agency-partnership-flash-cards/ 1/1
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