Rights & Duties of Parties to an Agency R/ship Flashcards
What is A’s duty of care to P?
must follow P’s instructions and perform duties, tasks and transactions with reasonable care, diligence and judgment
What is A’s duty of loyalty/obedience to P?
A should avoid acts in A’s self-interest in agency matters and refrain from secretly profiting from transactions on behalf of P.
What is A’s duty regarding Notice/Accounting to P?
P is entitled to notice of all relevant issues, and an accounting of property or funds used on behalf of P.
What is P’s duty to deal fairly and in good faith per K terms?
Provide A with info concerning risks of physical or financial harm/loss that P knows but A does not; duty not to injure A’s business reputation.
What is P’s duty to indemnify A?
Indemnify against pecuniary loss suffered in connection with agency r/ship and w/in scope of A’s actual authority
(but NOT for A’s negligence or illegal or wrongful conduct)
What are P’s remedies for a breach by A?
- injunction
- breach of K action
- tort action
- recission
- restitution
- accounting
- termination of agency r/ship
- forfeiture of compensation
What are A’s rights in agency r/ship?
- Compensation
- to not have P interfere
- Indemnification/reimbursement
- safe work environment
- contract or tort remedies
What is A’s duty of loyalty to P?
- To act solely for the benefit of P, including not dealing with P as an adverse party w/out P’s knowledge;
- not acquiring a material benefit in actions on P’s behalf,
- not usurping business opps or competing with P,
- not using P’s confidential info.
What are A’s performance duties to P?
- contractual duties
- duty of care/dilgence normally exercised by A in similar circumstances
- duty of obedience
- duty to provide relevant info and accounting
- no commingling of accounts
