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Chapter 15: Law of Agency - Coggle Diagram
Chapter 15: Law of Agency
Agency
legal contractual relationship where one party is authorised to do stuff on behalf of another
Duties
Fiduciary
Not delegate his authority
Liable to account to principal any profits using confidential info
Common Law
Rights
Remuneration
Usually commission
Indemnity
Authority
Express
terms of agency contract
which he signed
with principal after being appointed as a rep
Actual
Granted by his principal
Ostensible
Not acting on authority but
3rd party believes otherwise
Retification
validation of unauthorised act of
the agent by the principal
Effects
Effective from date of agent's act
Binds principal to same extent as if agent has express authority
Relieves agent of liability to principal and to third party
Entitles agent to compensation for
acts of authorised agent
Effective from
date of agent's act
Termination
Revocation
by
principal
Renunciation
by
agent