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Agency - Coggle Diagram
Agency
Apparent authority
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Representation
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Where the principal has placed the agent in a position in which the outside world is generally regarded as carrying authority to enter into the transactions of the kind
Reliance
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If the third party did not know of the representation, it could not rely on it and apparent authority will not arise
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Implied actual authority
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Arises in several ways
An agent who has express actual authority to engage in a certain act may need to undertake incidental activities in order to complete that act. Such an agent will usually have implied actual authority to engage in such incidental acts
As the Company can only act through human actors, it is important to determine whether a person has the authority to enter into contracts on behalf of the company