BUSINESS LAW I
Agency
Termination of the Agency Relationship
| Termination of the Agency Relationship | ||
| Acts of the Parties | a. Agreement: includes lapse of time, purpose of the agency achieved, or the occurrence of an event. | |
| b.
At the will of either party (Caveat: there may be a breach of
contract & damages) EXCEPT an agency coupled with an interest |
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| Operation of Law | Death or insanity of either party, Illegality or destruction of the subject matter, Changed circumstances, Bankruptcy, and War | |
Notice of Termination |
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| Principal must notify Agent | Notice to Third Party
who dealt with the agent a. Actual as a Third Parties who dealt with agent b. Constructive notice to others |
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