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AGENCY - Coggle Diagram
AGENCY
INTRODUCTION
WHO IS AGENT??
A person employed to do any act for another or to represent other person in dealings with 3rd person
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WHAT IS AGENCY??
The relationship which subsists between principal & agent who has been authorized to act for him or represent him in dealings with others
CREATION OF AGENCY
3. RATIFICATION
SITUATIONS
- The agent has exceeded his authority
- A person with no authority to act for the principal has acted as if he has the authority
When any one of the above arises, the PRINCIPAL can accept / reject the contract - S.149
When PRINCIPAL accepts the contract, the acceptance is called ratification
S. 149 - the effect is to render the contract as binding on the principal as of the agent had been properly authorized
DATES BACK TO THE TIME WHEN CONTRACT IS MADE BY AGENT, not the date of principal's ratification
CONDITIONS
3. The AGENT must have a principal who actually EXISTS or CAPABLE of being ascertained when contract is made
:<3:Kelner v. Baxter
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2. The AGENT at time of contract expressly act as an agent for the principal
:<3:Keighley Maxted & Co. v. Durant
5. The PRINCIPAL must have full knowledge of all material (penting) facts about the contract during ratification is made
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2. IMPLIED APPOINTMENT
:check:S.140 - a person holds out another person as having authority to act for him through his words or conduct
:red_flag:TERSIRAT
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AUTHORITY OF AGENT
ACTUAL AUTHORITY
:star:expressly (TERSURAT) given by principal
:star:implied (TERSIRAT) from the express authority given
APPARENT / OSTENSIBLE AUTHORITY
:star:not expressly given by principal but the law assumes that the agent has such authority
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TERMINATION OF AGENCY
1. BY ACT OF THE PARTIES
BY PRNCIPAL
S.156
:!:Principal may revoke (cancel) the agent's authority at any time before the authority is exercised to bind the principal
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