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The law of agency is an area of commercial law dealing with a set of contractual, quasi-contractual and non-contractual fiduciary relationships that involve a person, called the agent, who is authorized to act on behalf of another (called the principal) to create legal relations with a third party. [1]
Express actual authority means an agent has been expressly told (i.e., explicitly told) they may act on behalf of a principal. Ireland v Livingstone (1872) LR 5 HL 395; Implied actual authority. Implied actual authority, also called "usual authority", is authority an agent has by virtue of being reasonably necessary to carry out their express ...
When it comes to selling a home there's a lot to know beyond staging and setting a reasonable list price. As with any industry, there are real estate definitions (homestead, quit-claim) and a set ...
An agency agreement is a legal contract creating a fiduciary relationship whereby the first party ("the principal") agrees that the actions of a second party ("the agent") binds the principal to later agreements made by the agent as if the principal had himself personally made the later agreements.
This may be express or implied from the principal's behaviour, e.g., if the agent has purported to act in a number of situations and the principal has knowingly acquiesced, the failure to notify all concerned of the agent's lack of authority is an implied ratification to those transactions and an implied grant of authority for future ...
Implied Authority to contract is a legal term in contract law referring to the implied ability of an individual to make a legally binding contract on behalf of an organization by way of uniform or interaction with the public on behalf of that organization. [1]
An example of a difficulty in statute law is to be found in the law relating to estate agents. The term "independent contractor" does not normally mean an employee, [94] but rule 3.15 of the Estate Agent's Code of Conduct speaks of an estate agent's being "in the service of" another estate agent "as . . . an independent contractor." Item 3 of ...
Legal jurisdictions which provide for apparent authority include the United States, the United Kingdom, Australia, Canada and South Africa.The doctrine of apparent authority is based on the concept of estoppel, thus, it prevents the principal from denying the existence of agency to a third party, provided that a representation, as to the agent's authority, has been made by him to the third ...