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CHAPTER 20 Agency Law

CHAPTER 20 Agency Law. 20-1 Creation and Operation of Agencies 20-2 Agency Duties. 20-1 Creation and Operation of Agencies. GOALS Understand what an agency is Distinguish the scope of agency authority. FOCUS. Do you need an agent?

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CHAPTER 20 Agency Law

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  1. CHAPTER 20Agency Law 20-1 Creation and Operation of Agencies 20-2 Agency Duties

  2. 20-1 Creation and Operation of Agencies GOALS • Understand what an agency is • Distinguish the scope of agency authority Chapter 20

  3. FOCUS • Do you need an agent? • Make a list of times you would want an agent to deal for you. Chapter 20

  4. WHAT IS AN AGENCY? • Principals • Agents Chapter 20

  5. AGENCY RELATIONSHIPS Chapter 20

  6. Define the agency relationship. Chapter 20

  7. SCOPE OF AN AGENT’S AUTHORITY • Creation of authority • Express grant of authority • Implied grant of authority • Apparent authority • Ratification Chapter 20

  8. List the ways in which agency authority can be created. Chapter 20

  9. 20-2 Agency Duties GOALS • List the duties of an agent • List the duties of a principal • Identify when an agency is terminated Chapter 20

  10. FOCUS • Refer to the list of times you would want agents to deal for you. • Make a list of the duties that you would have expected these agents to fulfill. Chapter 20

  11. WHAT ARE AN AGENT’S DUTIES? • Duties owed the principal • Loyalty and obedience • Reasonable care and skill • Confidentiality • Accounting • Duties owed to third parties • Exceeding the scope of authority • Principal’s lack of capacity • Liability due to an undisclosed principal Chapter 20

  12. What are the duties of an agent to the principal? Chapter 20

  13. WHAT ARE THE PRINCIPAL’S DUTIES? • Duties owed the agent • Duties owed third parties Chapter 20

  14. What is a principal’s main duty? Chapter 20

  15. HOW IS AN AGENCY TERMINATED? • By unilateral action of a party • By agreement • By operation of law Chapter 20

  16. Name the three general ways in which an agency may be terminated. Chapter 20

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