MCS 3040 Chapter Notes - Chapter 13: Fiduciary, Apparent Authority, Law Of Agency

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 3040
• Professor: Joseph Radocchia

Document Summary

Mcs3040de week 10: chapters 13, 14, & 15. Agency: a relationship that exists when one party represents another party in the formation of legal relations. Agent: a person who is authorized to act on behalf of another. Principle: a person who has permitted another to act on her behalf. Outsider: the party with whom the agent does business on behalf of the principle. Law of agency: the law governing the relationship where one party, the agent, acts on behalf of another, the principle. Actual authority: the power of an agent that derives from either express or implied agreement. Apparent authority: the power that an agent appears to have an outsider because of conduct or statements of the principal. Agency by estoppel: an agency relationship created when the principal acts such that third parties reasonably conclude that an agency relationship exists.