4.1 Creation of Agency Relationship
Definition
- Agency is the fiduciary relationship
- agency shall act on the principal's behalf
- subject to the principal's control
- manifests assent
Capacity to create an agency relationship
| Principal | Agent | |
| Adult | o | o |
| Partnership | o | o |
| Corporation | o | o |
| Minor | x | o |
| Unincorporated association | x | o |
Special issues
- Principal- agent-subagent
* subagent는 agent, principal 모두에게 Fiduciary duty가 있음
- employer-employee = master-servant relationship
- Client-attorney
- Client-CPA
Tax return: agency relationship(0)
Audit service: agency relationship(x), independent contractor(0)
Statute of fraud - Equal dignity rule
- the agreement must be written
- subject matter
1) interest( title, possession, use) of real property, land
2) service more than 1year (agency agreement, partnership agreement)
* contract와 torts(fiduciary duty를 어겼는지 여부)
| SOF 1) real property 2) UCC>=500 3) service>1yr 4) suretyship/guaranty K |
4.2 Fiduciary Duty 선한관리자의 의무
1. Principal
Duty of loyalty(self-dealing, secret profit, usurping a principal's opportunity)
Duty of care(competence, diligence)
Duty to act only within the scope of actual authority
Duty created by contract
4.3 Authorities
1. Actual authority
* Vicarious liability= principal's liability
respondent superior(principal이 ER인 경우)
2. Apparent authority
result vicious liability: 3rd party 기준으로 보았을 때, Agent를 인지할수있는지 여부가 중요함
1) outside of the scope of authority
2) 3rd reasonable belief(실제 principal agent라고 믿음)
3. Ratification
agent for disclosed principal/ agent for unidentified principal만 가능
4. Terminology
| Disclosed principal | Partially Disclosed | Undisclosed principal | |
| Notice inform | principal's name | principal's existence | no info |
| Apparent | Authority(0) | Authority(0) | Authority(x) |
| Actual | Authority(?) | Authority(?) | Authority(?) |
| Ratification | 0 | 0 | X |
4.4 Liabilities + obligations and rights
| 3rd-> Agent | 3rd-> Principal |
| Actual Authority | Actual Authority |
| Apparent authority | Apparent authority |
| No authority | Ratification |
| *K, agent 계약 당사자 breach of contract 책임이 있음 |
*K, Principal은 agent에게 권한을 준 만큼 책임 *K, principal의 의사와 상관없이 apparent authority에 대해 책임 |
| *Torts사건에서, agent는 tortfeasor이므로 3자에게 책임져야함 |
* Torts사건에서, Agent가 authority안에서 행동했다면 Principal이 책임져야함 |
1. Principal's duty to agent
- Perform contractual obligations to the agent
- Indemnification(보상, 보장) for payments/losses on the principal's behalf
- Good faith and fair dealing
2. Agent's duty to the principal
- Fiduciary duty(Duty of loyalty, Duty of care)
4.5 Termination of principal-agent relationship
1. Actual authority
- Particular undertaking in a contract: mission complete
- Mutual agreement
- Breach of fiduciary duty
* unilateral renouncement cannot terminate the relationship
2. Apparent authority
- Actual notice: principal > 3rd party notice of termination after agency relationship is over
- constructive notice: principal, any reasonable method 게시판이용
- after reasonable time passes by> auto terminated
3. Termination by law
- principal or agent's death(declaration of court)
- principal's incompetency(declaration of court)
- Principal's bankruptcy
4.6 Special issues
1. Agency coupled with an interest
- mortgage issues(=security issues, security interest, property interest)
- principal=mortgagor=debtor
- agent=mortagagee=creditor
2. Employer-employee relationship = master-servant relationship
- Vicarious liability > Respondeat superior
- ER is liable for EE's negligence(detour/frolic) within the scope of employment
- Intentional torts cause for principal's benefit > ER is liable for EE's tortious conduct
3. Agent's personal check
- 3rd P 입장에서 agent가 Principal의 사람임을 알수 없을때 apparent authority 적용되지 않음
- Agent가 personal check 발행해서 3자에게 준경우
> 3자는 agent에게 check을 통해 돈 받을 수 있음. agent 계약당사자
> agent는 principal에게 돈 받을 수 없
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