[REG] Agency

 

 

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