Agency Law

Agency Law

1. Agency Principal relationship

2. Formation of agency relationship

   • Express
     • This is where the principle (P) actually appoints the agent (A) as his agent. The agreement can be made orally or in writing.
     • Principal and third party are bound to contract
   • Implied
     • Authority is implied from the conduct of parties (Customs & Excise)
     • Principal and third party are bound to contract
   • Ratification
     • Acts of agency committed outside the scope of his authority
     • Not bound to contract unless principal ratifies
   • Estoppel
     • is when a principal who by conduct or words allows a third party to believe that the agent is acting on his behalf
     • Principal and third party are bound to contract
   • Necessity
     • No formal contract but emergency dictates
     • Agent must act in best interest of principal

3. Authority of an agent

   • Express
     • Not unlimited - Principal specify tasks for agent to perform
   • Implied
     • Authority to do those things necessary to accomplish express authority
   • Apparent
   • Duties of an Agent
     • Fiduciary
       • Avoids conflicts of interest
       • Acts in best interest
       • Doesn't make secret profit
     • Remedies for breach of duty
       • Dismiss agent
       • Refuse to pay money
       • Repudiate contract with third party

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