LAW 603 Lecture Notes - Lecture 1: Real Estate Broker, Apparent Authority, Franchise Agreement
11 Feb 2020
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Chapter 19: agency and other methods of carrying on business. Basic rules of agency: creation, liabilities of principal & agent, duties of principal & agent, termination, risk management issues in contracts and torts. Joint ventures and strategic alliances: distributorships, franchising, agents governed by special statutes. Agency: legal relationship between agent and principal: agent may be able to bind principal to contract. Agency governed by common law and statute. In a partnership you are all agents for each other. Contract is between the third party and principle, only the principle is liable unless the agent agrees to take on some liability. Methods of creating agency: express agreement (some requirement of writing) Includes commercial representation agreements: partners in partnership, acts on behalf of corp. (all corps have agents that act on behalf corp. signing authority, person being represented as being agent, subsequent ratification. Actual authority: created through express agreement: authority given to an agent to act on behalf of a principal.
