LAW 603 Lecture Notes - Lecture 1: Life Annuity, Arthur Wishart, Financial Institution

• School: Ryerson University
• Department: Law and Business
• Course: LAW 603
• Professor: Clara Chapdelaine- Feliciati

Document Summary

Agency and other methods of carrying on business. How to solve a legal question: start with the facts: who, where, what. Identify the relevant issues: what do we want to determine. How can the principal limit her/his liability: analyze the relevant law, jurisprudence is there a legal test, rule, or criteria that apply, apply the law to the facts: determine the likely decision. Basic rules of agency: creation, when is the principal liable, when is the agent liable, the age(cid:374)t(cid:859)s duties to the p(cid:396)i(cid:374)(cid:272)ipal, the p(cid:396)i(cid:374)(cid:272)ipal(cid:859)s duties to the age(cid:374)t, termination. Risk management issues in contracts and torts: contracts, torts. Business relationships in which agency issue arise. Agency is the legal relationship between an agent and a principal. Agent a person who acts on behalf on someone else for some specific purpose. Principal a person or legal entity whom an agent represents for some specific purpose. Answer: it saves time, delegation of work, and knowledge.