Agency is a consensual relationship where one person, the agent, agrees to?
Act on behalf of and under the control of another, the principal.
An
... [Show More] agent has the authority to represent the principal in ______________________ so as to affect the legal relationships between the principal and third parties.
Contractual Matters
"When an agency arises from a contractual arrangement as it normally does, __________________. However, agency may arise solely from the consent of the principal to have the agent represent him.
the law of contracts applies
Agency is a _________________________. An agent acting for the benefit of the principal is distinguished from a servant and an independent contractor.
fiduciary relationship
A principal must have sufficient legal capacity to consent to the agency. Corporations _____________________; partnerships, however, may act through partners or outside agents.
must act through agents
"Unincorporated associations are not legal entities and thus cannot appoint agents. Only their individual members, as principals?
may appoint agents
Infants may appoint agents and may void the appointment of an agent unless agent acts as an agent for?
securing necessities (food, clothing, shelter, education.)
Spouses can act as principal and agent for each other.
TRUE
Anyone who can carry out instructions can be an agent. Agent needn't possess legal capacity to contract because?
Contracts negotiated by the agent will not personally bind the agent.
Notice by a third person to an agent is considered notice to the principal if?
Agent has actual or apparent authority to receive notice.
"If a third person has knowledge the agent's personal interest is adverse to the principal's interest, then?
Notice to the agent is not notice to the principal.
An agent's knowledge is imputed to the principal if agent has authority to represent principal in the matter unless?
The agent's personal interest is adverse to the principal's.
Insane persons appointments of agents voidable if made before judicial determination of insanity and are?
Void if made after such determination.
Out of court admissions of agent to 3rd party w/are w/in scope of his employment may be treated as admissions of principal and?
Introduced as evidence against the principal.
Principal owes the agent the following duties?
Compensation for services, reimbursement of expenses, indemnification against loss/liability for acts performed at principal's direction and compensation for injury.
An agent is a fiduciary and has a duty to be loyal to the principal. An agent who violates duty of loyalty is subject to liability caused thereby and is not entitled to?
Compensation, reimbursement or indemnification.
An agent cannot act for two principals with conflicting interests unless?
Both principals consent.
Agent cannot deal for his own interest and if he does he is constructive trustee for the principal of whatever?
Should have been acquired for the principal.
An agent cannot complete with his principal without?
The principal's consent.
An agent cannot disclose to others any confidential information learned?
During the agency relationship.
An agent must follow the principal's lawful instructions using?
Reasonable care and skill.
An agent cannot delegate duties involving discretion except?`
With the principal's permission.
An agent is liable to the principal for losses resulting from?
His own negligence.
An agent has the duty to communicate notice of any material facts that come to his attention while?
He is acting in his capacity as agent.
An agent must account for any property or money he receives through agency. The agent may not?
Comingle his funds with those of the principal.
An agents authority to act for the principal may be?
Express or implied.
Implied authority includes?
Authority to do acts reasonably necessary to accomplish an authorized act.
If conduct of principal leads 3rd party to believe agent has authority beyond which principal actually granted agent is said to have?
Apparent or ostensible authority.
Between principal and 3rd party agent's apparent authority is as if actual and?
Neither can deny it.
If losses to the principal result from an agent exceeding his authority then?
The principal can hold the agent liable.
A general agent has?
Broad authority to act for the principal in a variety of transactions.
A special agent has?
Authority limited to a single transaction or a series of related transactions.
A sub-agent is?
An agent appointed by another agent who is authorized to appoint sub-agents in connection with his performance of the principal's business.
A sub-agent has a duty of loyalty to?
Both the principal and the agent. [Show Less]