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  • Agency by Agreement

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    Gopalakrishnan Kuppuswamy
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    An agency relationship can be formed in three ways: 1) By agreement, where the agent and principal consent either expressly or implicitly to the agency. 2) By ratification, where an unauthorized act is later approved, creating an agency retroactively. 3) By estoppel, where the principal's actions lead a third party reasonably to believe an agency exists, preventing the principal from denying the relationship.

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    Agency by agreement

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    An agency relationship can be formed in three ways: 1) By agreement, where the agent and principal consent either expressly or implicitly to the agency. 2) By ratification, where an unauthorized act is later approved, creating an agency retroactively. 3) By estoppel, where the principal's actions lead a third party reasonably to believe an agency exists, preventing the principal from denying the relationship.

    Copyright:

    Attribution Non-Commercial (BY-NC)
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    23 Ansichten1 Seite

    Agency by Agreement

    Hochgeladen von

    Gopalakrishnan Kuppuswamy
    An agency relationship can be formed in three ways: 1) By agreement, where the agent and principal consent either expressly or implicitly to the agency. 2) By ratification, where an unauthorized act is later approved, creating an agency retroactively. 3) By estoppel, where the principal's actions lead a third party reasonably to believe an agency exists, preventing the principal from denying the relationship.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Als PDF, TXT herunterladen oder online auf Scribd lesen
    Markieren Sie unangemessene Inhalte
    von 1

    A. AGENCY BY AGREEMENT Normally, an agency must be based on an agreement that the agent will act for the principal.

    Such an agreement can be an express written contract or can be implied by conduct. B. AGENCY BY RATIFICATION A person who is not an agent (or who is an agent acting outside the scope of his or her authority) may make a contract on behalf of another (a principal). If the principal approves or affirms that contract by word or by action, an agency relationship is created by ratification. C. AGENCY BY ESTOPPEL 1. The Principals Actions When a principal causes a third person to believe that another person is his or her agent, and the third person deals with the supposed agent, the principal is estopped to deny the agency relationship. 2. The Third Partys Reasonable Belief The third person must prove that he or she reasonably believed that an agency relationship existed and that the agent had authoritythat an ordinary, prudent person familiar with business practice and custom would have been justified in concluding that the agent had authority.

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