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Chapter 18 - Principle and agent. At the end of this chapter you should understand: the definition of an agency relationship; why contract law is relevant to the law of agency; the methods by which agency can be created including estoppel, necessity or ratification; the different types of agent, their roles and function;...
s • To a lien (i.e a right to retain possession of principal’s property) until liabilities satisfied • To stoppage in transit (before received by principal) Copyright 2003 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law 4e by Barron & Fletcher Slides prepared by Kay Fanning 18-11 Copyright © 2000 McGraw-Hill Australia Liability of an agent to principal If agent - fails to follow instructions - acts in a negligent matter If a loss is incurred Copyright 2003 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law 4e by Barron & Fletcher Slides prepared by Kay Fanning 18-12 Copyright © 2000 McGraw-Hill Australia Liability of agent to third party • Name & existence or existence of principal disclosed - Act outside authority (i.e breach of warranty) Acts on behalf of someone who has not given authority (unless ratified), or Exceeds authority (unless ratified) - Non existent /unascertainable principal - Agent agrees to be liable - Usage/custom make agent liable • Existence of principal not disclosed - Agent bound • Torts committed while acting within actual or apparent authority Copyright 2003 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law 4e by Barron & Fletcher Slides prepared by Kay Fanning 18-13 Copyright © 2000 McGraw-Hill Australia Liability of agent to third party • Tort committed by an agent acting within the actual or apparent authority Copyright 2003 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law 4e by Barron & Fletcher Slides prepared by Kay Fanning 18-14 Copyright © 2000 McGraw-Hill Australia Doctrine of undisclosed principal • If the agent acts as if he/she is the owner by not disclosing agency then the principal can later reveal agency agreement and can sue and enforce the contract • If third party discovers there was an agency agreement, he can then sue the principal (as well as the agent) for breaches of the contract Copyright 2003 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law 4e by Barron & Fletcher Slides prepared by Kay Fanning 18-15 Copyright © 2000 McGraw-Hill Australia Termination of agency • By the acts of the parties - By performance of the agency - With frustration of the agency agreement - By mutual agreement - By revoking the authority of the agent (ineffective to third parties until advised) • By the operation of Law - By death of either party - By bankruptcy of principal - By bankruptcy of agent - By insanity of either party Copyright 2003 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law 4e by Barron & Fletcher Slides prepared by Kay Fanning 18-16 Copyright © 2000 McGraw-Hill Australia Types of agents (Statute Law) • Factors/mercantile agent - Goods in agent’s possession to sell or use for borrowing • Del Credere agent - Guarantees payment for goods sold (therefore higher commission) • Partners - Principals/agents for each other • Broker - Buys/sells goods without possession • Real estate agent - Sells/leases vendor’s land; finds property for sale/lease • Travel agent - Sells principal’s products; receives commission based on sales; organises principal’s travel arrangements • Company director - Agent of company Copyright 2003 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law 4e by Barron & Fletcher Slides prepared by Kay Fanning 18-17 Copyright © 2000 McGraw-Hill Australia ... operation of Law - By death of either party - By bankruptcy of principal - By bankruptcy of agent - By insanity of either party Copyright 2003 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business. .. 2003 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law 4e by Barron & Fletcher Slides prepared by Kay Fanning 1 8- 14 Copyright © 2000 McGraw-Hill Australia Doctrine of undisclosed... breaches of the contract Copyright 2003 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law 4e by Barron & Fletcher Slides prepared by Kay Fanning 1 8- 15 Copyright © 2000 McGraw-Hill