Agency

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Author:
Anonymous
ID:
305241
Filename:
Agency
Updated:
2015-07-15 16:27:46
Tags:
Bar Exam
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Description:
Bar Exam Agency
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  1. Agency Relationship
    • Capacity
    • ·      Principal Contractual capacity
    • ·      Agent Minimal Capacity
    • Consent of both parties
    • Act of parties or operation of law
    • (writing if under statute of frauds)
    • (no consideration needed)
  2.            Agent’s duties
    • 1.                  Contractual duties
    • 2.                  Loyalty
    • 3.                  Obedience to lawful instructions
    • 4.                  Reasonable care
  3. Principal duties
    • 1.                  Contractual duties
    • 2.                  Reasonable compensation
    • 3.                  Indemnify / reimbursement for expenses
    • 4.                  cooperation
  4. Agent Remedies
    • 1.                  Contractual remedies
    • 2.                  Possessory lien
  5. Principal Remedies
    • 1.                  Contractual remedies
    • 2.                  Tort remedies
    • 3.                  Constructive trust
    • 4.                  Action for secret profits
    • 5.                  Withhold compensation
  6. Actual Authority
    • 1.                  Agent reasonably believes
    • 2.                  Express
    •          Expressed within four corners of agency agreement
    • 3.                  Implied
    •          Reasonable belief based on principal’s actions
  7. Apparent Authority
    • 1.                  Reasonable belief of third parties
    • 2.                  Principal may be vicariously liable
  8. Inherent Authority
    Principal bound by agent’s actions even without agent having actual or apparent authority
  9. Respondeat Superior
    • 1.                  Employer vicariously liable for employees acting within the scope of their employment
    • 2.                  Scope of Employment
    •          a. Detour – minor deviation, within scope
    •          b. Frolic – Major deviation, not within scope
    • 3.                  Not responsible for independent contractors
  10. Agency Ratification
    • 1.                  Principal validates agent’s actions
    • 2.                  Transactions give retroactive effect
    • a.                   Unless principal lacked contractual capacity
  11.  Principal Third Party Liability
    Contracts entered by agent
  12. Agent Third Party Liability
    • 1.                  If Principal disclosed
    •          a.  Principal liable
    •          b.  Agent not liable
    • 2.                  If Unidentified/Undisclosed Principals
    •          a. Agent and Principal liable

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