Flashcards in Agency Deck (87)
what are the things we are looking into within this section?
-essential elements of agency relationship
-types of agent
what is an agent quote by?
Kennedy v De Trafford  A.C. 180
-AGENCY LAW MATTERS BC REALSITICALLY IN BUSINESS CONTEXT OUR COMMERICAL ACTORS ARENT GOING TO EVERTYHIGNT HEMSELVES, HAVE TO LEAN AGENCIES TO SOME EXTENT, WE WANT TO KNOW WHAT AGENYCY LAW SAYS ABOUT THOSE PARTIC RELS HOW DOES AGENCY LAW REGULATE, HOW DOES IT MANAGE RELS BETWEEN PRINCIPAL AND AGENT AND HOW MANAGE RELS COME ABOUT BTW PRICNIPAL AND 3RD PARTY= STARTING PART- THAT SAYS = AGENCY LAW= IS NEC VERY CLEAR AND COHERENT BUT AREA OF LAW THAT HAS DEVELOPED THROUGH COMMON LAW AND LARGELY THRU COMMON LAW TRACES BACK CASES OLD 19TH CENTURY CASES SO NOT ALSO COSISTENT COHERENT ETC , EG old case on slide and some stubbling blocks when approaching law of agency 1st term agent is widely use in everyday parlors, sosome many people refer to agent s when when u look to role compare to legal requirtements they don’t amtch up
This statement says: this tetrm agent used in very misleading way but when u loo at legal oblgiations attache dot what doing they do not fit def of agency, so not everyone called agent is an agent, the other side is there are some people who fulfil agency functions without describing thinking or viewed as agents, so just bc called agents it doesn’t mean it, on other hand someone might be called agent but copared to what they do could be
Book:author of famous agency book..fsdklgwngn??
2nd point don’t agree- possibly something we return to and thinkw hether statement accurate or whether we can challenge, is agency slippery or nit?
what did munday say about an agency?
‘The concept of agency is notoriously slippery, and difficult to define’ Munday
Why would you want to use an agent as a business person?
You're business person but you have limitations on ur expertise and knowledge so u might appoint someone to do something for u based on their knowledge on their particular area. to help you carry out certain functions,
What is the hazard relying on someone?
1 - you as the principal has rely on trust (principal- person who arranges contractual rels with agent where you look to agent if 3rd party doesn't do what they're meant to do)
starting point with agency law?
ery clear and coherent but this area of law has developed through common law
what about the term agent?
Agent is widely used so can be looked at in a misleading way,
so what is meant by this?
not everyone called agent is an agent, the other side is there are some people who fulfil agency functions without describing thinking or viewed as agents- Book:author of famous agency
who gave the closet definition to what an agent is?
no fixed term on def but goode on commercial law is the closest?
Goode definition of agent?
‘Agency is the relationship arising where
-one person, the principal (P) appoints another, the agent (A)
-to bring about, modify or terminate legal relations
between the principal and one or more third parties (T).
can be a single 3rd party or more than 1’
so what happens after an agent is appointed?
can either enter into a contract (most are) or through consent (looser)
case for the difference between either contract or consent?
Yasuda Fire & Marine Insurance Co v Orion Marine Insurance UA Ltd  Q.B. 174
Yasuda Fire & Marine Insurance Co v Orion Marine Insurance UA Ltd  Q.B. 174 quote? *
‘Although in modern commercial transactions agencies are almost invariably founded upon a contract between principal and agent, there is no necessity for such a contract to exist. It is sufficient if there is consent by the principal to the exercise by the agent of authority and consent by the agent to his exercising such authority on behalf of the principal.’
Agent acts on behalf of principal (fiduciary relationship)?
principals are agreeing to an agent to excercise authority - agent agreeing to act on principals behalf and vice versa so there has to be an element of consent
why would it seem obvious?
can be obvious when an agent is acting on a principals half but it some cases it isnt
what is a fiduciary rels?
there is various obligations that are attached to each role and the person has responsibility, there will be a certain trust and confidence in u
why does an agent exercise authority?
Agent exercises authority to bring about binding relations between principal and third party
How can you tell a principal is bound by a 3rd party (bring about binding relations)?
principal to be bound by agent the agent has excercised auth
what do we look at when we look at exercising auth?
is it valid/invalid which will indicate on top of princiapl is bound to 3rd party by what agent has done
what are the different types of agents?
-Del credere agent
-Partners (Partnership Act 1890, s.5):
what about general/special agents?
law recognising the distinction between the two.
what is a general agent?
general: authority to act in a class of transactions, or generally
- auth kelly to act on behalf decorting my office and all other offices = general agent in purpose - particular class of transactions
- acting for somebody in a very general sense e.g ask kelly to act generally in all my business affairs
can be either
what is a special agent?
special: u have been appointed as an agent to have authority to act in a particular transaction
e.g if i ask for red ballons agent should get only red.
special agent limited compared to general
what is a factor in short?
considered a type of agent
has possession/control of goods to be sold for P
sell/deals with goods without disclosing P’s name, or in P’s name
Factors Act 1889 s.1: ‘mercantile agent’
what is the factors act?
factors act 1889
what about the act?
so to some extent this is one of those forms of agencies that has some legislative backing but this act is not that exhaustive
what does the act refer factors as?
MERCHANTILE AGENTS (which is in sales)
what are Del credere agent in short?
negotiates contracts, and guarantees T’s performance of contractual obligations to P - so if third party does not perform their obl, the principal agreed with agent that the agent will then honour those obl- so not just creating binding rels but also do this
e.g of del credere?
e.g 3rd party ment to give mone to principal ad don’t ill be the one to pay, so that ahs particular def as a type of agent