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Agency - Coggle Diagram
Agency
CONTRACTS
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II. 3rd Party vs. Agent
- disclosed vs. undisclosed principal
- Partially disclosed Principal -- agent is personally liable in contract.
-- When 3rd Party learns the identity of the Principal, the 3rd party must elect to go after either the agent or principal, but not both.
- Undisclosed Principal -- agent is personally liable in contract.
- Fully disclosed Principal -- agent is not personally liable in contract.
- breach of warranty of authority--agent act's beyond the agent's authority on behalf of Principal. Agent is personally liable.
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TORTS
II. 3rd Party vs. Agent
- individuals are always liable for their own torts
III. Principal vs. Agent
- agents are liable for breach of their duties to the principal (COLA).
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- may not usurp a business opportunity belonging to the principal
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IV. Agent vs. Principal
- individuals are always liable for their own torts
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