510-lecture 5 Agent
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Law for New Zealand Business LECTURE 5 Complete the overview of torts Overview of the law relating to agency
Law for New Zealand Business session 4-agency
1
Agency:- what are you talking about?
Law for New Zealand Business session 4-agency
2
Agency:- what are you talking about? Relationship that arises where one person (the AGENT) Acts on behalf of another (the PRINCIPAL) which may affect others (THIRD PERSON)
Law for New Zealand Business session 4-agency
3
Principal
Agent
Third person
Law for New Zealand Business session 4-agency
4
note NOT employee MAY NOT BE an independent contractor NOT normally bailee
Law for New Zealand Business session 4-agency
5
How is an agency formed?
Law for New Zealand Business session 4-agency
6
How is an agency formed?
expressly
Law for New Zealand Business session 4-agency
7
How is an agency formed?
expressly estoppel
Law for New Zealand Business session 4-agency
8
How is an agency formed?
expressly estoppel Operation Of law
Law for New Zealand Business session 4-agency
9
How is an agency formed?
expressly estoppel
ratification Operation Of law
Law for New Zealand Business session 4-agency
10
How is an agency formed?
expressly
implication estoppel
ratification Operation Of law
Law for New Zealand Business session 4-agency
11
How is an agency formed?
expressly
implication estoppel
oral
ratification Operation Of law
Law for New Zealand Business session 4-agency
12
How is an agency formed?
expressly
implication estoppel
oral writing
ratification Operation Of law
Law for New Zealand Business session 4-agency
13
How is an agency formed?
expressly
implication estoppel
oral
deed writing
ratification Operation Of law
Law for New Zealand Business session 4-agency
14
What are the most likely situations? Real estate agent Power of attorney Travel agent Auctioneer Broker Insurance agent Mercantile agent
Law for New Zealand Business session 4-agency
15
What is the scope of their authority?
It depends- agents can have:
Law for New Zealand Business session 4-agency
16
What is the scope of their authority?
It depends- agents can have:
Universal authority
Law for New Zealand Business session 4-agency
17
What is the scope of their authority?
It depends- agents can have:
Universal authority General authority
Law for New Zealand Business session 4-agency
18
What is the scope of their authority?
It depends- agents can have:
Universal authority General authority Special authority
Law for New Zealand Business session 4-agency
19
So you have an agency arrangement- what are the parties required to do?
Law for New Zealand Business session 4-agency
20
So you have an agency arrangement- what are the parties required to do? agent
Law for New Zealand Business session 4-agency
21
So you have an agency arrangement- what are the parties required to do? agent
Follow instructions Law for New Zealand Business session 4-agency
22
So you have an agency arrangement- what are the parties required to do? agent
Follow instructions Law for New Zealand Business session 4-agency
23
So you have an agency arrangement- what are the parties required to do? agent
Use diligence And skill Follow instructions Law for New Zealand Business session 4-agency
24
So you have an agency arrangement- what are the parties required to do? agent
Personal action Use diligence And skill Follow instructions Law for New Zealand Business session 4-agency
25
So you have an agency arrangement- what are the parties required to do? agent Keep secrets Personal action Use diligence And skill Follow instructions Law for New Zealand Business session 4-agency
26
So you have an agency arrangement- what are the parties required to do? agent Keep accounts Keep secrets Personal action Use diligence And skill Follow instructions Law for New Zealand Business session 4-agency
27
So you have an agency arrangement- what are the parties required to do? agent
Act in principal’s interests Keep accounts Keep secrets Personal action
Use diligence And skill Follow instructions Law for New Zealand Business session 4-agency
28
So you have an agency arrangement- what are the parties required to do? agent
Act in principal’s interests
principal
Keep accounts Keep secrets Personal action Use diligence And skill Follow instructions Law for New Zealand Business session 4-agency
29
So you have an agency arrangement- what are the parties required to do? agent
Act in principal’s interests
principal
Keep accounts Keep secrets Personal action
Pay fees
Use diligence And skill Follow instructions Law for New Zealand Business session 4-agency
30
So you have an agency arrangement- what are the parties required to do? agent
Act in principal’s interests
principal
Keep accounts Keep secrets Personal action
Pay fees Indemnify
Use diligence And skill Follow instructions Law for New Zealand Business session 4-agency
31
What happens if the agent acts outside his or her authority? Action is unauthorised- breach of warranty Principal may elect not to be bound Agent may be personally liable Agent can be sued by the third party
Law for New Zealand Business session 4-agency
32
Also, what are the consequences for the relationship between the principal and agent?
Relate to breach of contract- can result in actions in:
Contract Tort Law for New Zealand Business session 4-agency
33
What about the third party?
Consequences may depend on what the agent has said
Law for New Zealand Business session 4-agency
34
What about the third party?
Consequences may depend on what the agent has said I am an agent for A = named principal
Law for New Zealand Business session 4-agency
35
What about the third party?
Consequences may depend on what the agent has said I am an agent for A = named principal 3rd party sues A
Law for New Zealand Business session 4-agency
36
What about the third party?
Consequences may depend on what the agent has said I am an agent for A = named principal
I am an agent =unnamed principal
3rd party sues A
Law for New Zealand Business session 4-agency
37
What about the third party?
Consequences may depend on what the agent has said I am an agent for A = named principal 3rd party sues A
I am an agent =unnamed principal Normally sues A
Law for New Zealand Business session 4-agency
38
What about the third party?
Consequences may depend on what the agent has said I am an agent for A = named principal 3rd party sues A
I am an agent =unnamed principal
No mention =undisclosed principal
Normally sues A
Law for New Zealand Business session 4-agency
39
What about the third party?
Consequences may depend on what the agent has said I am an agent for A = named principal 3rd party sues A
I am an agent =unnamed principal Normally sues A
No mention =undisclosed principal Sue either
Law for New Zealand Business session 4-agency
40
How does an agency contract come to an end?
Can be:
Law for New Zealand Business session 4-agency
41
How does an agency contract come to an end?
Can be:
Under contract (so according to contract law) or
Law for New Zealand Business session 4-agency
42
How does an agency contract come to an end?
Can be:
Under contract (so according to contract law) or By operation of law Illegality Frustration Death or insanity
Law for New Zealand Business session 4-agency
43
summary
Agency law is specialist because:
It normally involves a contract (but not always) Responsibilities of the agent may be limited (but not always) The agent has responsibilities under contract (and otherwise) A second party who did not participate in the agreement may be bound (but not always) Law for New Zealand Business session 4-agency
44
Law for New Zealand Business session 4-agency
1
Agency:- what are you talking about?
Law for New Zealand Business session 4-agency
2
Agency:- what are you talking about? Relationship that arises where one person (the AGENT) Acts on behalf of another (the PRINCIPAL) which may affect others (THIRD PERSON)
Law for New Zealand Business session 4-agency
3
Principal
Agent
Third person
Law for New Zealand Business session 4-agency
4
note NOT employee MAY NOT BE an independent contractor NOT normally bailee
Law for New Zealand Business session 4-agency
5
How is an agency formed?
Law for New Zealand Business session 4-agency
6
How is an agency formed?
expressly
Law for New Zealand Business session 4-agency
7
How is an agency formed?
expressly estoppel
Law for New Zealand Business session 4-agency
8
How is an agency formed?
expressly estoppel Operation Of law
Law for New Zealand Business session 4-agency
9
How is an agency formed?
expressly estoppel
ratification Operation Of law
Law for New Zealand Business session 4-agency
10
How is an agency formed?
expressly
implication estoppel
ratification Operation Of law
Law for New Zealand Business session 4-agency
11
How is an agency formed?
expressly
implication estoppel
oral
ratification Operation Of law
Law for New Zealand Business session 4-agency
12
How is an agency formed?
expressly
implication estoppel
oral writing
ratification Operation Of law
Law for New Zealand Business session 4-agency
13
How is an agency formed?
expressly
implication estoppel
oral
deed writing
ratification Operation Of law
Law for New Zealand Business session 4-agency
14
What are the most likely situations? Real estate agent Power of attorney Travel agent Auctioneer Broker Insurance agent Mercantile agent
Law for New Zealand Business session 4-agency
15
What is the scope of their authority?
It depends- agents can have:
Law for New Zealand Business session 4-agency
16
What is the scope of their authority?
It depends- agents can have:
Universal authority
Law for New Zealand Business session 4-agency
17
What is the scope of their authority?
It depends- agents can have:
Universal authority General authority
Law for New Zealand Business session 4-agency
18
What is the scope of their authority?
It depends- agents can have:
Universal authority General authority Special authority
Law for New Zealand Business session 4-agency
19
So you have an agency arrangement- what are the parties required to do?
Law for New Zealand Business session 4-agency
20
So you have an agency arrangement- what are the parties required to do? agent
Law for New Zealand Business session 4-agency
21
So you have an agency arrangement- what are the parties required to do? agent
Follow instructions Law for New Zealand Business session 4-agency
22
So you have an agency arrangement- what are the parties required to do? agent
Follow instructions Law for New Zealand Business session 4-agency
23
So you have an agency arrangement- what are the parties required to do? agent
Use diligence And skill Follow instructions Law for New Zealand Business session 4-agency
24
So you have an agency arrangement- what are the parties required to do? agent
Personal action Use diligence And skill Follow instructions Law for New Zealand Business session 4-agency
25
So you have an agency arrangement- what are the parties required to do? agent Keep secrets Personal action Use diligence And skill Follow instructions Law for New Zealand Business session 4-agency
26
So you have an agency arrangement- what are the parties required to do? agent Keep accounts Keep secrets Personal action Use diligence And skill Follow instructions Law for New Zealand Business session 4-agency
27
So you have an agency arrangement- what are the parties required to do? agent
Act in principal’s interests Keep accounts Keep secrets Personal action
Use diligence And skill Follow instructions Law for New Zealand Business session 4-agency
28
So you have an agency arrangement- what are the parties required to do? agent
Act in principal’s interests
principal
Keep accounts Keep secrets Personal action Use diligence And skill Follow instructions Law for New Zealand Business session 4-agency
29
So you have an agency arrangement- what are the parties required to do? agent
Act in principal’s interests
principal
Keep accounts Keep secrets Personal action
Pay fees
Use diligence And skill Follow instructions Law for New Zealand Business session 4-agency
30
So you have an agency arrangement- what are the parties required to do? agent
Act in principal’s interests
principal
Keep accounts Keep secrets Personal action
Pay fees Indemnify
Use diligence And skill Follow instructions Law for New Zealand Business session 4-agency
31
What happens if the agent acts outside his or her authority? Action is unauthorised- breach of warranty Principal may elect not to be bound Agent may be personally liable Agent can be sued by the third party
Law for New Zealand Business session 4-agency
32
Also, what are the consequences for the relationship between the principal and agent?
Relate to breach of contract- can result in actions in:
Contract Tort Law for New Zealand Business session 4-agency
33
What about the third party?
Consequences may depend on what the agent has said
Law for New Zealand Business session 4-agency
34
What about the third party?
Consequences may depend on what the agent has said I am an agent for A = named principal
Law for New Zealand Business session 4-agency
35
What about the third party?
Consequences may depend on what the agent has said I am an agent for A = named principal 3rd party sues A
Law for New Zealand Business session 4-agency
36
What about the third party?
Consequences may depend on what the agent has said I am an agent for A = named principal
I am an agent =unnamed principal
3rd party sues A
Law for New Zealand Business session 4-agency
37
What about the third party?
Consequences may depend on what the agent has said I am an agent for A = named principal 3rd party sues A
I am an agent =unnamed principal Normally sues A
Law for New Zealand Business session 4-agency
38
What about the third party?
Consequences may depend on what the agent has said I am an agent for A = named principal 3rd party sues A
I am an agent =unnamed principal
No mention =undisclosed principal
Normally sues A
Law for New Zealand Business session 4-agency
39
What about the third party?
Consequences may depend on what the agent has said I am an agent for A = named principal 3rd party sues A
I am an agent =unnamed principal Normally sues A
No mention =undisclosed principal Sue either
Law for New Zealand Business session 4-agency
40
How does an agency contract come to an end?
Can be:
Law for New Zealand Business session 4-agency
41
How does an agency contract come to an end?
Can be:
Under contract (so according to contract law) or
Law for New Zealand Business session 4-agency
42
How does an agency contract come to an end?
Can be:
Under contract (so according to contract law) or By operation of law Illegality Frustration Death or insanity
Law for New Zealand Business session 4-agency
43
summary
Agency law is specialist because:
It normally involves a contract (but not always) Responsibilities of the agent may be limited (but not always) The agent has responsibilities under contract (and otherwise) A second party who did not participate in the agreement may be bound (but not always) Law for New Zealand Business session 4-agency
44
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