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Law of Agency (Duties (Obedience (Perform agreed task in accordance with…
Law of Agency
Duties
Disclosure
Good Faith
Act Personally
Accounts
Skill + Care
Non disclose / misuse confidential information
Obedience
Perform agreed task in accordance with principals instructions
Creation
Ratification(Retrospective)
Approving a contract after it has been entered
Necessity(Operation of law)
Law will confer an authority on one person to act as the agent
Implied Agreement
Express Agreement
Terms+stipulations declared and acknowledged
Estoppel
'Holding out'
Apparent authority
Effects
Non disclosure of existence of principle
Disclose existence of principle
Principle is non-existent
Disclose identity of principle
Classification
Universal Agent
Unlimited Authority
General Agent
Implied Authority
Special Agent
Specific act- Estate Agent
Rights
Paid Commission
Indemnified for loss/ liabilities
Termination
Acts of parties
Mutual agreement
Breach
Completion
Example- Purchase of a house
Operation of Law
Frustration/Intervening illegality
Expiry
Death, insanity or bankruptcy