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What is Agency at Law?
A relationship that exists when one party represents another in the formation of legal relations.
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What is an Agent?
A person who is authorized to act on behalf of another.
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What is a Principal?
A person who has been permitted another to act on his or her behalf.
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What are some examples of Agents?
- Sports agent
- Insurance agent
- Travel agent
- Booking agent
- Stockbroker
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What is Agency by Estoppel?
An agency relationship created when the principal acts such that third parties reasonably conclude that an agency relationship exists.
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What is Agency Ratification?
An agency relationship created when one party adopts a contract entered into on his behalf by another who at the time acted without authority.
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What is Actual Authority?
The power of an agent that derives from either express or implied agreement.
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What is Apparent Authority?
The power that an agent appears to have to an outsider because of conduct or statements of the principal.
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What is Express Authority?
Written or oral authority granted by a principal to an agent.
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What is Implied Authority?
Agent's authority that is present by implication only.
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What are the Duties of an Agent?
Must perform in accordance with the principal's instructions, or failing instructions, then performance must meet the standards of the particular trade industry.
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What is Fiduciary Duty?
Duty imposed on a person who has a special relationship of trust with another.
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What is a Fiduciary?
Person who has a duty of good faith towards another due to a relationship.
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What are the Duties of the Principal?
- Pay the agent a specified fee or percentage for services rendered.
- Assist the agent in the manner described in the contract.
- Reimburses the agent for reasonable expenses associated with carrying out the agency duties.
- Indemnify against losses incurred in carrying out the agency business.
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What is the Liability of the Principal to the Outsider?
When an agent enters into a contract on behalf of a principal with a third party, it is the principal, not the agent, who ordinarily is liable on the contract.
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What is Liability of the Agent to the Outsider?
An agent will be personally liable on a contract with an outsider when he or she (the agent) exceeds his or her actual or apparent authority.
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What is Warranty of Authority?
A representation of authority by a person who purports to be an agent.
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When an agent exceeds his or her authority, can the principal sue the agent for breach of contract?
Yes
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What is the Liability of an Undisclosed Principal?
- A principal whose identity is unknown to a third party, who has no knowledge that the agent is acting in an agency capacity.
- The general rule is that the principal is still liable on the contract so long as the agent is acting within his or her authority.
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What is the Liability for Torts of the Agent?
- As a general rule, an agent is personally liable for any torts that he or she commits.
- Principal is vicariously liable for the agent's actions so long as the agent is acting within express, implied or apparent authority.
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What are Electronic Agents?
Electronic agents are computer programs, or other electronic means, used to independently initiate an action or to respond to electronic messages without review by an individual.
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What is the Electronic Commerce Act(Ontario)?
Provides that a contract may be formed by the interaction of an electronic agent and an individual.
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How do you Terminate an Agency Relationship?
- An agency agreement can come to an end if:
- The agency relationship ceases by operation of the law; Most commonly occurs due to the death, dissolution, insanity, or bankruptcy of one of the parties.
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