ADM 3360 Chapter 13: chapter 13
8 Mar 2017
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The nature of agency: agency: a relationship that exists when one party represents another party in the formation of legal relations, ex. Mom, can you pick up my hockey bag in the arena? (verbal statement asking mom to take care of something for me: agent: a person who is authorized to act on behalf of another, ex. Mom doesn"t have the authority to sell my hockey bag, she has the authority to bring it home: principal: a person who has permitted another to act on her behalf, ex. An employer asking an employer to prepare a report for next week: third party. Outsider or third party: outsider: the party with whom the agent does business on behalf of the principal, law of agency: the law governing the relationship where one party, the agent, acts on behalf of another, the principal. Summary of creation of agency and agent"s authority. P, expressly or impliedly, appoints x as an a.
