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Where an agent enters into a contract without authority (or even where a person acts as though they were an agent and they in fact have NO authority) the principal on behalf of whom the “agent” has acted has the opportunity to accept the validity of the contract and is therefore “ratifying” the validity of the agent’s action and agency relationship contrcat
and next time – if it’s a question for the tutor – post it on the “Ask the tutor” page 🙂
There are four basic duties of agent to principal-
1.To perform as instructed
2.To exercise due skill and care
3.Duty to keep accounts.
4.Fiduciary duty to principal.Duty of good faith.This is a duty of care and trust.
Number 4 duty is made us of the following parts-
1.Duty to account.
This involves accounting to principal for all benefits received as result of agency for whole time period of agency.
2.The duty to act personally.
3.Duty of confidentiality.
4.Duty to avoid conflicts of interest.
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