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Undisclosed Principal
In agency law, an undisclosed principal is a person who uses an agent for negotiations with a third party who has no knowledge of the identity of the agent's principal. Often in such situations, the agent pretends to be acting for themselves. As a result, the third party does not know to look to the real principal in a dispute. Under United States law according to the Restatement (Third) of Agency § 2.06, an undisclosed principal may still be held liable to a third party who justifiably is induced to make a detrimental change in position, even if the agent lacked actual authority to act on behalf of the principal, so long as the undisclosed principal had notice of agent's conduct and that it might induce the third party to change its position, and the principal did not take reasonable steps to notify the third party of the facts. Even where an undisclosed principal has previously forbidden the agent to take some action or incur some debt, the undisclosed principal may be liabl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Law Of Agency
The law of agency is an area of commercial law dealing with a set of contractual, quasi-contractual and non-contractual fiduciary relationships that involve a person, called the agent, that is authorized to act on behalf of another (called the principal) to create legal relations with a third party. Succinctly, it may be referred to as the equal relationship between a principal and an agent whereby the principal, expressly or implicitly, authorizes the agent to work under their control and on their behalf. The agent is, thus, required to negotiate on behalf of the principal or bring them and third parties into contractual relationship. This branch of law separates and regulates the relationships between: * agents and principals (internal relationship), known as the principal-agent relationship; * agents and the third parties with whom they deal on their principals' behalf (external relationship); and * principals and the third parties when the agents deal. Concepts The recipr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Principal (commercial Law)
In commercial law, a principal is a person, legal or natural, who authorizes an agent to act to create one or more legal relationships with a third party. This branch of law is called agency and relies on the common law proposition (from Latin: "he who acts through another, acts personally"). It is a parallel concept to vicarious liability (in which one person is held liable for the acts or omissions of another) in criminal law or torts. Concepts In a busy commercial world, the smooth flow of trade depends on the use of agents. This may be because in business entities such as: *sole traders, their ability to conduct business will always be limited unless other people are used to work on their behalf; *a partnership, the natural persons who are involved cannot be present to conduct business in multiple locations simultaneously, so they must rely on others to make agreements or deliver services on their behalf; or *a corporation is only a legal entity or fictitious legal person ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Restatement (Third) Of Agency
Agency law
Legal treatises
{{US-law-stub ...
The Restatement of the Law of Agency (3rd edn, 2006) is a set of principles issued by the American Law Institute, intended to clarify the prevailing opinion on how the law of agency stands in 2006. Definition of agency para 1.01, "Agency is the fiduciary relationship that arises when one person (a 'principal') manifests assent to another person (an 'agent') that the agent shall act on the principal's behalf and subject to the principal's control, and the agent manifests or otherwise consents so to act." See also *Restatement of the law *United States labor law United States labor law sets the rights and duties for employees, labor unions, and employers in the United States. Labor law's basic aim is to remedy the "inequality of bargaining power" between employees and employers, especially employers "org ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Holdout Problem
In finance, a holdout problem occurs when a bond issuer is in default or nears default, and launches an exchange offer in an attempt to restructure debt held by existing bond holders. Such exchange offers typically require the consent of holders of some minimum portion of the total outstanding debt, often in excess of 90%, because, unless the terms of the bond provide otherwise, non-consenting bondholders will retain their legal right to demand repayment of their bonds at par (the full face amount). Bondholders who withhold their consent and retain their right to seek the full repayment of original bonds, may disrupt the restructuring process, creating a situation known as the holdout problem. The contractual terms for obligating all bondholders to accept a restructuring approved by some supermajority is typically spelled out in what are known as Collective Action Clauses, or CACs. In some jurisdictions, CACs or their equivalents are required under local law, but this is no ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Walt Disney World
The Walt Disney World Resort, also called Walt Disney World or Disney World, is an entertainment resort complex in Bay Lake and Lake Buena Vista, Florida, United States, near the cities of Orlando and Kissimmee. Opened on October 1, 1971, the resort is operated by Disney Parks, Experiences and Products, a division of The Walt Disney Company. The property covers nearly , of which half has been used. The resort comprises four theme parks (Magic Kingdom, Epcot, Disney's Hollywood Studios, and Disney's Animal Kingdom), two water parks (Disney's Blizzard Beach and Disney's Typhoon Lagoon), 31 themed resort hotels, nine non-Disney hotels, several golf courses, a camping resort, and other entertainment venues, including the outdoor shopping center Disney Springs. On October 1, 2021, Walt Disney World started their celebration of its 50-year anniversary which will last for 18 consecutive months ending on March 31, 2023. Designed to supplement Disneyland in Anaheim, California, which ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Orange County, Florida
Orange County is located in the central portion of the U.S. state of Florida. As of the 2020 census, the population was 1,429,908, making it Florida's fifth most populous county. The county seat is Orlando. Orange County is the central county of the Orlando-Kissimmee- Sanford, Florida Metropolitan Statistical Area. History The land that is Orange County was part of the first land to come up from below the Early Oligocene sea 33.9–28.4 million years ago and is known as Orange Island. Orange County's Rock Spring location is a Pleistocene fossil-bearing area and has yielded a vast variety of birds and mammals including giant sloth, mammoth, camel, and the dire wolf dating around 1.1 million years ago. 19th century to mid-20th century Immediately following the transfer of Florida to the United States in 1821, Governor Andrew Jackson created two counties: Escambia to the west of the Suwannee River and St. Johns to the east. In 1824, the area to the south of St. Johns County ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Walt Disney Productions
The Walt Disney Company, commonly known as Disney (), is an American multinational mass media and entertainment conglomerate headquartered at the Walt Disney Studios complex in Burbank, California. Disney was originally founded on October 16, 1923, by brothers Walt and Roy O. Disney as the Disney Brothers Studio; it also operated under the names the Walt Disney Studio and Walt Disney Productions before changing its name to the Walt Disney Company in 1986. Early on, the company established itself as a leader in the animation industry, with the creation of the widely popular character Mickey Mouse, who is the company's mascot, and the start of animated films. After becoming a major success by the early 1940s, the company started to diversify into live-action films, television, and theme parks in the 1950s. Following Walt's death in 1966, the company's profits began to decline, especially in the animation division. Once Disney's shareholders voted in Michael Eisner as the hea ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Watteau V Fenwick
''Watteau v Fenwick'' 8931 QB 346 is an 1893 English case decided by the Queen's Bench. The case addresses the liability of an undisclosed principal In agency law, an undisclosed principal is a person who uses an agent for negotiations with a third party who has no knowledge of the identity of the agent's principal. Often in such situations, the agent pretends to be acting for themselves. As a .... The plaintiff, Watteau, supplied cigars to a beer house named the "Victoria," which was located at Middlesbrough. The establishment was operated by a man named Humble. Prior to 1888, he had operated the business on his own account, but in that year, he had assigned his interest to the defendants, Messrs. Fenwick and Company. However, Humble remained the manager and continued to operate the business as before. The sign bore his name, and the license was held in his name. The plaintiff supplied cigars and bovril to Humble. He was at all times unaware of Fenwick's involvement. Indeed, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
