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The law of agency is an area of commercial law dealing with a set of contractual, quasi-contractual and non-contractual fiduciary relationships that involve a person, called the agent, who is authorized to act on behalf of another (called the principal) to create legal relations with a third party. [1]
Legal jurisdictions which provide for apparent authority include the United States, the United Kingdom, Australia, Canada and South Africa.The doctrine of apparent authority is based on the concept of estoppel, thus, it prevents the principal from denying the existence of agency to a third party, provided that a representation, as to the agent's authority, has been made by him to the third ...
The undisclosed principal concept often arises in the context of real estate transactions, where a buyer risks a seller being less inclined to sell land, risks a seller demanding a higher price, or risks a seller becoming a holdout if the seller knows or can guess the identity of the buyer or the buyer's intended purpose for the land which would afford the land a higher value.
Implied Authority to contract is a legal term in contract ... Section 186 of the Indian Contract Act 1872 provides that an agent's authority may be express or implied ...
[4] In a real estate transaction, this could be any "major party to a transaction, such as a seller or purchaser of property," who wishes to remain anonymous. [5] Some taxing authorities have created rules regarding tax liability for actions of an undisclosed principal. [6] The undisclosed agency may also affect tort liability. [7]
An agency agreement is a legal contract creating a fiduciary relationship whereby the first party ("the principal") agrees that the actions of a second party ("the agent") binds the principal to later agreements made by the agent as if the principal had himself personally made the later agreements.
Implied easements are created without a contract and require necessity and prior use, as in the example of the driveway above. Express easements are formed through a legal contract and are put ...
Express actual authority means an agent has been expressly told (i.e., explicitly told) they may act on behalf of a principal. Ireland v Livingstone (1872) LR 5 HL 395; Implied actual authority. Implied actual authority, also called "usual authority", is authority an agent has by virtue of being reasonably necessary to carry out their express ...