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Lecture Fundamentals of business law (6/e): Chapter 18 - Margaret Barron

Chapter 18 - Principal and agent. In this chapter you should understand: the definition of an agency relationship; why contract law is relevant to the law of agency; the methods by which agency can be created including estoppel, necessity or ratification; | This is the prescribed textbook for your course. Available NOW at your campus bookstore! 18- Copyright © 2000 McGraw-Hill AustraliaCopyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law 6e Principal and Agent Chapter 18 18- Agency A relationship that exists between one person (the principal) and another person (the agent). The agent undertakes to do certain acts on the principal’s behalf. The purpose is to bring a third party into a contractual relationship with the principal. 18- Copyright © 2000 McGraw-Hill AustraliaCopyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law 6e Creation of an Agency Expressly created agency (written or verbal). Impliedly created agency: Agency of necessity. Co-habitation. Agency by estoppel. Agency by status. Agency by ratification. 18- Copyright © 2000 McGraw-Hill AustraliaCopyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law 6e Agency of Necessity A person must be entrusted with the property of another person. An immediate expense is required to preserve the property. The owner of the property is virtually impossible to contact. The person entrusted with the property (agent) must act in the best interests of the owner (principal). 18- Copyright © 2000 McGraw-Hill AustraliaCopyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law 6e Agency by Ratification Required when: No authority to act as agent. Agent exceeds authority given by principal. 18- Copyright © 2000 McGraw-Hill AustraliaCopyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law 6e Agency Distinguished From Other Relationships Agency is a fiduciary relationship—exercising rights and powers, in good faith, for the benefit of another. Employee is under control and supervision of employer. Independent contractors decide how their work is carried out. Trustee holds property on behalf of another person. . | This is the prescribed textbook for your course. Available NOW at your campus bookstore! 18- Copyright © 2000 McGraw-Hill AustraliaCopyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law 6e Principal and Agent Chapter 18 18- Agency A relationship that exists between one person (the principal) and another person (the agent). The agent undertakes to do certain acts on the principal’s behalf. The purpose is to bring a third party into a contractual relationship with the principal. 18- Copyright © 2000 McGraw-Hill AustraliaCopyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law 6e Creation of an Agency Expressly created agency (written or verbal). Impliedly created agency: Agency of necessity. Co-habitation. Agency by estoppel. Agency by status. Agency by ratification. 18- Copyright © 2000 McGraw-Hill AustraliaCopyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law 6e Agency of .