LAW 11001 Lecture Notes - Lecture 9: Legal Personality, Public Auction, Breach (Security Exploit)
Document Summary
To provide the candidate with a broad understanding of the following principles relating to the. The law of agency deals with the principles that govern the relationship between a principal and his agent. The term agency refers to a delegation of duties to another party by a principal. The agent also has rights that arise from this relationship. Agency: a legal relationship that exists between two people where the agent is considered by law to represent another known as the principal in such a way as to affect the principles legal position in relation to 3rd parties. Agent: a person to whom the principal de legates duties. An equitable relationship whereby a party known as trustee expressly, impliedly or constructively holds property on behalf of another as beneficiary. Bailment: a contract whereby a party known as bailor delivers goods to another known as bailee with specific instructions that the goods be dealt with in a particular manner.