Rights and duties of agency (and termination)

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  • Created by: mellon
  • Created on: 29-04-14 18:48
What minor duties do agents have?
follow instructions, not to delegate, to keep accounts (also right of relief)
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What major duties do they have?
Duty of skill, care and diligence and a fiduciary duty
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What is the test for skill are and diligence?
Reasonable member of the profession - Copland
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What does a fiduciary duty mean?
Act as if you were client, account for any benefits
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What cases are there?
McPherson's trustees. Sold himself a house for trust he was agent for, No conflicts of interest. Imageview - Paid £3000 to get footballer a work permit by club. Had to give it back as no secret profits
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What the principal's duties?
reinbursement for expenses and renumeration and right of agent to a comission and good faith
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What is it called if the agant guarantees the 3rd party's performance?
Del credere agency
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How can an agency relationship be terminated?
Completion of transaction, mutual agreement, death, bankruptcy or insanity, material breach by agent, principal stops business
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Card 2

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What major duties do they have?

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Duty of skill, care and diligence and a fiduciary duty

Card 3

Front

What is the test for skill are and diligence?

Back

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Card 4

Front

What does a fiduciary duty mean?

Back

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Card 5

Front

What cases are there?

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