Management and Organizational Studies 2275A/B Chapter Notes - Chapter 13: No Authority, Secret Profit, Fiduciary

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2275A/B
• Professor: Philip King

Document Summary

Creation of agency: the relationship arise by contract or conduct. Actual authority: the power of the agent that derives from either express or implied agreement, express authority: the written or oral authority granted by the principal to the agent and is an authority that the agent actually has. Summary of creation of agency and agent"s authority. P, expressly or impliedly, appoints x and an a. P represents to os that x has authority to act as an a even though no actual authority given. P represents to os that a has authority in excess of actual authority given. P terminates or reduces a"s authority but does not give notice to os. P adopts actions of x, and x retroactively becomes an a. !4: con ict rule: a duciary must not place herself in a position where her own interests con ict with the interests of the principal, the content of the duciary duty will vary with the circumstances.