LAW 3102 Lecture Notes - Lecture 8: Pro Bono, Fiduciary
Document Summary
Cast of characters: principal, agent, third party. Third party relationship if there"s authority, the bond will go btw principal and tp: however if not authority, but tp thought that there was the p can still be on the hook. Agent is there to assist third party this contract is between p and tp in contracts, usually, agent is just there to assist: exceptions: when a becomes personally liable or acquired rights and is thus liable. If tp doesn"t know that there is any principal out there, then agent is liable. Third party had no way of knowing that the principal was incompetent/ exists/ or who they are. Tp made contract w/ jaimie, how is tp supposed to know jaimie works for shira, or if shira is crazy, or if she works for walt disney. Thus b/c of practical reasons prof can work with jamie, and if she needs to sue someone it will be jaimie.
