What is an agent emergency powers

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1. What doctrine of estoppel as applied to an agency relationship? Give an example of when a principal would be estopped from fulfilling the terms of a contract where the agent authorized the contract.

2. What is an agent’s emergency powers? Give an example of when an agent can act without express or implied authority in an emergency situation.

3. What is ratification of a principal of an agent’s act and what are the 5 requirements of a principal in order to ratify the act of the agent. Give an example where the principal has ratified the agent’s agreement with a third party.

4. When an agent has Express or Implied authority to perform an act, who is bound by the terms of the contract? (I.e. principal, agent, both?)

5. When an agent has apparent authority to act who is bound by the contract?

6. When an agent enters into an unauthorized act, when and under what circumstances is the principle and third party bound by the terms of the contract?

Reference no: EM132262604

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