Discussion Assignment - Agency Law A. There are 5 types of agency. For example:
ID: 424510 • Letter: D
Question
Discussion Assignment - Agency Law
A. There are 5 types of agency. For example:
Story problem: Garcon has authority to alter Belle’s legal relationships with 3rd parties by entering into contracts on Belle’s behalf. To restrict Garcon’s authority, Belle must explicitly spell out the limitations on his authority. What type of agent is Garcon? Why do you think so?
Answer: Garcon is a general agent. His powers are broad rather than specific, and he can enter into contracts on Belle’s behalf. Because it is so broad, Belle must spell out any limitations.
1.Select one type of agency that is not general agent. Without naming the agency, write a story problem describing the agency. (See the example above.) Provide enough detail that a classmate will be able to read the problem and tell you the type of agency you described.
2.State the answer to your story problem.
B. There are 3 ways to create an agency (agreement/express, implied, and apparent), and there are 4 ways of creating agent authority (agreement/express, implied, apparent, and ratification.) For example:
Story Problem: Mickey is Minnie’s agent. Mickey’s job is to find properties that Minnie might want to buy and develop. Mickey found a great property and bought it as Minnie’s agent. Minnie loved the property and arranged to sign the contract that Mickey entered on her behalf. What type of authority or agency was created? Did Mickey act within the scope of his authority?
Answer: Mickey had express authority to find property only. He had no apparent or implied authority to sign a contract on Minnie’s behalf. Minnie liked the contract and she ratified it. So this would be authority by ratification.
1.Select one type of agency, or type of authority, that is not ratification. Without naming the type of agency or authority, write a short story problem describing the agency or type of authority. (See the example above.) Provide enough detail that a classmate will be able to read the problem and tell you the type of agency or authority you described, and whether the agent acted within the scope of authority.
2.State the answer to your story problem.
C. There are many duties, including fiduciary duties and general duties.
1.Select one duty. Without naming the duty, create a story problem in which an agent (or principal) either does, or does not fulfill the duty. (Frequently more than one duty applies to a situation. Your story may focus on one or more duties.) Provide enough detail that a classmate will be able to read the problem and answer the questions: What type of duty is described? Was the duty fulfilled or breached?
2.State the answer to your story problem
Explanation / Answer
A.
1) Story Problem : An insurance company, XYZ, hires an agent, B, to open and run various offices of the company in a city. B selected three regions to conduct the task. At one region he himself gets appointed and started managing the insurance company's work and for other two regions B appointed L and M. M made some frauds while conducting the work of company XYZ. Can XYZ sue M as being pricipal of both for such fraud. Name the agency at which L and M work.
2) Answer to problem : Yes XYZ is legally principal to not only B but also to L and M. Hence he can sue M as being principal. L and M work as subagents for XYZ and as agents for B.
Note: Kndly post one question at a time.