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During the next department meeting, your supervisor wants to review the concept of agency law with the
staff. Your supervisor wants the staff to understand the importance of the
legal issues related to business dealings in which an agent acts on behalf of
a principal. To ensure that everyone comes prepared for the meeting; your
supervisor has e-mailed each staff member the topics that will be discussed
at the meeting. You are responsible for leading the discussion on the topics
that you were e-mailed.
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To prepare for the meeting, you decide to write down your
thoughts and ideas on the topics that you were assigned. You include
referenced information to substantiate your thoughts on the topics. The
topics you were assigned to lead discussion on during the meeting include the
following:
§ Identify and discuss
the 3 types of principals that can exist (disclosed, undisclosed, and
partially disclosed principals).
§ Include a hypothetical
example of situations that would include each type of principal.
§ Identify and discuss
some of the duties that an agent owes to the principal.
§ Discuss your opinion
on whether you believe it is fair to the third party to have a situation in
which there is an undisclosed principal and the third party believes he or
she is dealing directly with the principal party rather than an agent. Be
sure to provide supportive reasoning for your opinion.
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