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Agency - Coggle Diagram
Agency
Definition: One person, a principal, assents to another person, an agent, to act on the principal's behalf. The agent must also assent to act
Contracts
Agent v. Principal
Contractual duties owed to agents:
Compensate per the agency contract.
Indemnify for reasonably incurred legal liabilities.
Reimburse-for reasonably incurred expenses.
Cooperate: principal may not interfere with agent's performance and must affirmatively aid where reasonably required to do so.
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3rd party v. agent
Disclosed vs undisclosed principal.
1) Fully disclosed principal, agent is not liable in contract
2)undisclosed agent is personally liable in contract
3) partially disclosed; agent is personally liable in contract.
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Torts: is the servant an independent contractor or an employee? employers have no right to control the details of performance of the independent contractor. The employer has the right to control the details of the conduct of its employees as to the result and the means to the result.
3rd party v. Principal
Employee: Respondeat Superior superior, doctrine imposes vicarious liability upon a principal for the torts his agent commits in the scope of employment.
Independent contrator: General rule is no liability to principal. exceptions: inherently dangerous activity.
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Principal v. agent
Agents are like for breach of their duties to the principal. Agents have duty of care, duty of loyaty, duty of obedience, duty to account.