BLAW 3100 Chapter Notes - Chapter 10: Estoppel, Reasonable Person, Holding Company
Document Summary
1. describe the agency relationship, outlining the rights and responsibilities of agents and principals. Represent and act for a principal in dealings with third parties. Agency is the service an agent provides. Agency relationship is created by the granting of authority by: Should set extent of authority to act, duties, to be performed, and the nature of payment to be received. Wise practice to put agency contracts in writing and it is a requirement under some legislation. Power of attorney is an agency contract in writing and under seal (although the seal is no longer required in most provincial powers of attorney acs ) All elements of a contract must be present. Capacity on the part of both parties. 2. distinguish between actual authority and apparent authority of agents. Agency agreement sets out limits of agents authority. Agent who exceeds actual authority may be liable for injury/damage their conduct causes to principal.
