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Ebook Business law - An the legal environment (12th edition): Part 2

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Ebook Business law - An the legal environment (12th edition): Part 2

Chapter 28Relationship of Principal and Agent 524Chapter 29Relationship with Third Parlies 544AgencyRelationship of Principal and AgentCHAPTER 28T*rae

Ebook Business law - An the legal environment (12th edition): Part 2etứaJly all of the world"t hwnnm involves agents and in most important transaetiom, an agent on each ride.Warren SeavcyHundl'ioi. OH the low of A^irtL

yCHAPTER OUTCOMESAfter raiding and studying this chapter, you should be able to:1Distinguish among die following rdatiouships: (a) agency, (b) employm Ebook Business law - An the legal environment (12th edition): Part 2

ent, aud (c) independent contractor.2explain the requirements tor creating an agency relationship.3List and explain the duties Owed by an agent to her

Ebook Business law - An the legal environment (12th edition): Part 2

principal.4List and explain the duties owed by a principal to his agent.5Identify the ways in w+iicb an agency relationship may he terminated.By usin

Chapter 28Relationship of Principal and Agent 524Chapter 29Relationship with Third Parlies 544AgencyRelationship of Principal and AgentCHAPTER 28T*rae

Ebook Business law - An the legal environment (12th edition): Part 2and expanding his business activities, rhe law of agency, like the law of contracts, is basic to almost every other branch of business law.Practically

every type of contract or business transaction can be created or conducted through an agent. Therefore, the place and importance of agency in the pra Ebook Business law - An the legal environment (12th edition): Part 2

ctical conduct and operation of business cannot be overemphasized, particularly in the case of partnerships, corporations, and other business associat

Ebook Business law - An the legal environment (12th edition): Part 2

ions. Partnership is founded on the agency of the partners. Each partner is an agent of the partnership and as such has the authority to represent and

Chapter 28Relationship of Principal and Agent 524Chapter 29Relationship with Third Parlies 544AgencyRelationship of Principal and AgentCHAPTER 28T*rae

Ebook Business law - An the legal environment (12th edition): Part 2. Limited liability companies act through the actions of their members, managers, or both. Thus, practically and legally, agency' is an essential part

of partnerships, corporations, and other business associations. In addition, sole proprietors also may employ agents in the operations of their busin Ebook Business law - An the legal environment (12th edition): Part 2

esses. Business, therefore, is conducted largely by agents or representatives, not by the owners themselves.Although some overlap occurs, the law of a

Ebook Business law - An the legal environment (12th edition): Part 2

gency divides broadly into two main parts: the internal and the external. An agent functions as an agent by dealing with third persons, thereby establ

Chapter 28Relationship of Principal and Agent 524Chapter 29Relationship with Third Parlies 544AgencyRelationship of Principal and AgentCHAPTER 28T*rae

Ebook Business law - An the legal environment (12th edition): Part 2ss in the next chapter. In this chapter, we will consider the nature and function of agency, as well as other topics concerning the internal part of t

he law of agency.Agency is governed primarily by stale common law. An orderly presentation of this law is found in the Restatement (Second) of the Law Ebook Business law - An the legal environment (12th edition): Part 2

of Agency published in 1958 by the American Law Institute (Al.l). Regarded as a valuable authoritative reference work, the Restatement is cited exten

Ebook Business law - An the legal environment (12th edition): Part 2

sively and quoted in reported judicial opinions and by legal scholars. In 2006 the ALI published the Restatement of the Law 'Third.524C'Tr’r* J1*’ I <

Chapter 28Relationship of Principal and Agent 524Chapter 29Relationship with Third Parlies 544AgencyRelationship of Principal and AgentCHAPTER 28T*rae

Ebook Business law - An the legal environment (12th edition): Part 2»r 4nfr- V rn/«r- ItCHAPTER 28 Relationship or principal ana Agent 5Z5Agency, which replaced the ALl’s Restatement Second of Agency. This chapter and

the next chapter will refer to the Third Restatement as the RestatementAgencyconsensual relationship authcrit ng one p^rty (agent) to act on behalf of Ebook Business law - An the legal environment (12th edition): Part 2

the other party (principal I sub/ect to the principal's controlAgentperson authorized to act on another's behalfPrincipalperson who authorizes anothe

Ebook Business law - An the legal environment (12th edition): Part 2

r to act on her behalfScope of agency purposeswhatever business activity a person may accomplish personally he generally may do through an agentEmploy

Chapter 28Relationship of Principal and Agent 524Chapter 29Relationship with Third Parlies 544AgencyRelationship of Principal and AgentCHAPTER 28T*rae

Ebook Business law - An the legal environment (12th edition): Part 2 person who contracts with another to do a particular job ai»d is not subject to lite otlter's control over the manner and means of conducting die wor

kPractical /tdvice Ebook Business law - An the legal environment (12th edition): Part 2

Chapter 28Relationship of Principal and Agent 524Chapter 29Relationship with Third Parlies 544AgencyRelationship of Principal and AgentCHAPTER 28T*rae

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