Please enable JavaScript.
Coggle requires JavaScript to display documents.
Law of Agency - Coggle Diagram
Law of Agency
Terminations
Mutual Agreement
Orally or writing
Auto-expire for time period specified in agreement
By event specified in agreement
Act of Parties
Completion of task
Revocation by Principal
Might be liable for charges (unilateral)
Apparent authority of agent
Need to provide Notice to 3rd party asap
Renunciation by Agent
Refusing to act
Notify Principal will not act
By written notice
If agreement provided for this
By Operations of Law
Death
Insanity
Bankruptcy
Frustration of contract of agency
Types of Agency Appointment
Non Exclusive Agency
Can deal with any agents
Sole Agency
Owner still reserve the right to market himself
Exclusive Agency
Only Agent
Agent's Authority
Sources
Actual Express Authority
Explicitly in Oral or written
Actual Implied Authority
Implied from nature of agent's activity
usual in the circumstances
Apparent (Ostensible) Authority
representation make by Principal to 3rd party
Limits
Cannot sign on behalf of Principle
Power of Attorney
Cannot hold Transaction Money
Lease of HDB Property
Sale OF Any Property
No dual representation
Cannot be agent and attone at the same time
No free gifts to induce thirty party
Lowering commission is ok
breach of warranty of authority
contract without authority
exceeding authority
Fiduciary Duties of an Agent
OLDCAR
Loyalty
Best interests of Principal
Disclosure
Disclose materials facts of principal that may affect deal
Confidentiality
Disclose facts about principal
Accounting
Accounting for documents and funds
Reasonable Care
Obedience
Obey the instructions of Principal
No delegation by Agent
Without Principal's consent
Duties to 3rd Party
Not to misrepresent
Duty to act honestly
Culpable
make representations without accuracy
Exercise care and skill
Rights of Agent
Rights to reimbursement
Only when is effective cause to transaction
No completion = No commission
Right to reimbursement & indemnity
In the real estate, straight commission agent
No claim on expenses
Bilateral between Principal & Age
Types
Agency by Necessity
No application to Real Estate
Agency by Agreement
Agency by Estoppel
by Principal not agent
Principal to 3rd Party
Agency by Ratification
retrospective effect if principle agreed
By agent unauthorized to 3rd party
Conditions
Legal Capacity to ractify
Agent sufficiently identify the principal