Principal-Agent Relationship
by steve mcessey
1. Agents duties to the principal
2. Principals duties to Agent
3. Types of Agent authority
4. Performance: reasonable diligence and skill (special skills)
5. Notification to Principal
6. Loyalty
7. Compensation
8. Cooperation
9. Provide safe working conditions.
10. Actual
11. Apparent
12. Implied
13. Express
14. Inferred or conferred by custom, Agent’s position or what is reasonably necessary to carry out Agent’s express authority.
15. Written or Oral
16. Principal, by either word or act, causes 3rd party to reasonably believe that Agent has authority to act for Principal, by either word or act, causes 3rd party to reasonably believe that Agent has authority to act for Principal
17. Termination of Agent
18. Lapse of time
19. Purpose achieved
20. Occurrence of a Specific Event
21. Termination by One Party
22. Mutaul Agreement
23. 2. Principal must affirm entire deal.
24. Agency Relationships
25. Employee versus Contractor Relationship
26. How agency relationships are formed
27. Understanding agency is crucial to understanding the legal environment of business.
28. Principals use agents to be able to conduct multiple business operations simultaneously in various locations.
29. The principal has the right to control the agent in matters entrusted to the agent.
30. Consensual Agreement
31. Agency by Agreement.
32. Agency by Ratification
33. Agency by Estoppel
34. Agency by Operation of Law
35. Ramification
36. 1. Agent must act on behalf of Principal.
37. 3. Principal must affirm before 3rd party withdraws from transaction.
38. 4.Principal and 3rd party must have legal capacity to contract when Agent made the deal.
39. 5. Principals must know all the material facts involved in the transaction.
40. Determining whether the worker is an employee or an independent contract affects liability of Principal/Employer
41. Employee Status and “Works for Hire.”
