Acquisitions/Dispositions of property by agent
- without authority - principal may be able to recover.
- BUT not: apparent authority, 3rd party relied on and given value in exchange.
Mercantile agent: generally authorised to buy/sell goods on behalf of principal/raise loans using principal's goods as collateral.
- 3rd party to obtain ownership:
- 1. agent in open market disposal
- 2. acquired in good faith (open and honestly)
- 3. without notice of agent's lack of authority.