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5 Cards in this Set
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- Back
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Define Agency
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a relationship created when one party (principal) manifests asset to another (agent) that they will act on the principal's behalf and subject to the principal's control, and the agent manifests consent
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Can a minor be a principal?
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Yes, but the appointment of an agent is voidable because minor's can't K
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What are the four methods of creating an agency?
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1. Actual
2. Apparent 3. Inherent 4. Ratification |
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Actual Authority (explain)
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P actually authorizes A to act on P's behalf;
1. express - direct communication 2. implied - reasonably believes he has authority to act for P |
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Inherent Authority (explain)
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P knowingly or negligently leads a 3rd party to believe A has authority to act for P
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