LAW 603 Lecture Notes - Lecture 3: Fiduciary, Heating System, Cgu Plc

• School: Ryerson University
• Department: Law and Business
• Course: LAW 603
• Professor: Nick Iannazzo

Document Summary

Law 603 chapter 20 agency and other methods of. Agent a person who acts on behalf of someone else for some specific purpose. Principal a person whom an agent represents for some specific purpose. Third party person other than a and p. Agency the legal relationship between a principal and an agent. Creation of an agency relationship: by express terms (actual authority) Principal actually authorizes the agent to act on its behalf. An agency longer than 1 year must be in writing (statute of frauds) For an agent to have authority to sign checks agent must have written agreement. Corporation can only act through human beings (e. g. officers, directors, sale persons, Co(cid:396)po(cid:396)atio(cid:374)s" e(cid:373)plo(cid:455)ee (cid:272)a(cid:374) (cid:396)e(cid:272)ei(cid:448)e a(cid:272)tual autho(cid:396)it(cid:455) (cid:271)(cid:455): P(cid:396)i(cid:374)(cid:272)ipal speaks to tp that (cid:862)to(cid:373)(cid:863) is thei(cid:396) (cid:862)age(cid:374)t(cid:863) Age(cid:374)t goi(cid:374)g a(cid:396)ou(cid:374)d sa(cid:455)i(cid:374)g the(cid:455) a(cid:396)e a(cid:374) age(cid:374)t, a(cid:374)d p(cid:396)i(cid:374)(cid:272)ipal know (cid:271)ut does(cid:374)"t do anything about it. The position allows them to make these calls: by law.