What was the holding in Luciffero v Castel 1887?

For an example in LUCIFERO V CASTEL (1887) an agent appointed to purchase a yacht for his principal. However he bought the yacht for himself and then sold it to his principal at a profit, the principal being unaware that he was buying the agent’s own property.

Is ratification a source of agents authority?

Sources of an agent’s authority: • In the context of creating or affecting legal relations, P will only be bound by acts of A which are within A’s authority. By operation of law; 4. By operation of statute; or 5. By ratification • Agency requires the consent, express or implied, of the principal and of the agent.

What is the authority of an agent?

ACTUAL AUTHORITY The authority conferred on an agent by the principal is termed as the actual authority. It can be classified into two categories, namely express and implied. 28 An authority is said to be express when it is given by words spoken or written.

What are the elements of apparent authority?

Apparent agency will require three elements: 1) an act by the apparent agent or his principal justifying a belief that an agency relationship exists, 2) the principal has knowledge of the general circumstances, and 3) a third party is reasonably relying on his belief in the apparent agency relationship.

What is the law of agency PDF?

The Law of Agency is simply the law or legislation that relates to or governs the. relationship between a personand his agent (being a person who acts on the other’s behalf). In. other words, the Law of Agency is that law that governs the relationship between people and. those who act on their behalf.

Who can be an agent in contract law?

According to Section 183, any person who has attained the age of majority and has a sound mind can appoint an agent. In other words, any person capable of contracting can legally appoint an agent. Minors and persons of unsound mind cannot appoint an agent.

What is the difference between apparent and actual authority?

Apparent Authority. Actual authority differs from apparent authority, though some may consider the differences minor. While actual authority requires a third party to have been officially granted the authority to act on behalf of a company, apparent authority does not require an official granting of power.