UGBA 175 Chapter Notes - Chapter 19: Independent Contractor, Fiduciary, Punitive Damages

• School: Berkeley
• Department: Business Administration Undergraduate Program
• Course: UGBA 175
• Professor: Alan Ross Alan

Document Summary

Agency: consensual relationship in which one person acts as a representative of or otherwise acts on belief of another person with power to affect the legal rights and duties of the principal. Agent: one who represents another in business dealings with the third person, acts for and in the name and place of the principle, acts as a intermediary, not a party. Other legal relationships: (1) employment relationship. Even employees not authorized to contract on behalf of the. Employee is an agent whose principle controls the manner/ means of the agent"s performance of work. Creation of agency objective behalf of the principal. Assne: manifested through written/ spoken words or other conduct, )nvolves (cid:885) elements (cid:523)(cid:883)(cid:524) assent (cid:523)(cid:884)(cid:524) control by principal (cid:523)(cid:885)(cid:524) agent"s acting on. Agency created without an agent"s right to compensation is a gratuitous matters entrusted to the agent, continues throughout duration of agency relationship.