Disclosures of Principals

Question 1

Three types of principals:

Answer 1

1. Disclosed
2. Partially Disclosed
3. Undisclosed

Question 2

When is a principal diclosed?

Answer 2

When the TP knows that the agent is working on behalf of the principal and the TP knows the identity of the principal.

Question 3

When is a principal partially disclosed?

Answer 3

When the TP knows that the agent is working on behalf of a principal, but does not know the identity of the principal

Question 4

When is a principal undisclosed?

Answer 4

When the TP neither knows that the agent is working on behalf of the principal nor the identity of the principal

Question 5

When the principal is disclosed, who are the parties to the agreement?

Answer 5

The third party and the principal

Question 6

When the principal is partially disclosed, who are the parties to the agreement?

Answer 6

The agent, third party, and the principal

Question 7

When the principal is not disclosed, who are the parties to the agreement?

Answer 7

The agent and the third party

Question 8

Are principals liable for contracts in which there is no disclosure?

Answer 8

It depends on whether the agent had the authority to bind the principal to the contract.