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1、PARTVIIAgencyandEmploymentCHAPTERAgencyFormation29andTerminationREALESTATEAGENCYOneofthemostrecognizabletypesofagencyiswhereahomeownerhiresarealestatebrokertosellherhouseforher.Theownerofthehouseistheprincipal.Therealestatebroker,whousuallyisanindependentcont
2、ractor,istheagent.LearningObjectivesChapterOutlineAfterstudyingthischapter,youshouldbeableto:IntroductiontoAgencyFormationandTermination1.Defineagency.2.Identifyanddefineaprincipal–independentAgencycontractorrelationship.IndependentContractor3.Describehowexpr
3、essandimpliedagenciesareFormationofanAgencycreated.CASE29.1Bossev.BrinkerRestaurantCorporation,d.b.a.4.Defineapparentagency.Chili’sGrillandBar5.Describehowanagencyisterminated.CONTEMPORARYENVIRONMENTPowerofAttorneyCASE29.2Matthewsv.FoodLion,LLCApparentAgencyP
4、rincipal’sDutiesAgent’sDutiesTerminationofanAgencyCONTEMPORARYENVIRONMENTAgencyCoupledwithanInterestCHAPTER29AgencyFormationandTermination487Leteveryeyenegotiateforitself,andtrustnoagent.”“—WilliamShakespeareMuchAdoAboutNothing(1598)IntroductiontoAgencyFormat
5、ionandTerminationIfbusinesspeoplehadtopersonallyconductalltheirbusiness,thescopeoftheirThecrowningfortuneofaactivitieswouldbeseverelycurtailed.Partnershipswouldnotbeabletooperate;manistobeborntosomecorporationscouldnotactthroughmanagersandemployees;andsolepro
6、pri-pursuitwhichfindshimetorshipswouldnotbeabletohireemployees.Theuseofagents(oragency),employmentandhappi-ness,whetheritbetomakewhichallowsonepersontoactonbehalfofanother,solvesthisproblem.baskets,orbroadswords,orExamplesExamplesofagencyrelationshipsincludea
7、salespersonwhosellsgoodscanals,orstatues,orsongs.forastore,anexecutivewhoworksforacorporation,andapartnerwhoactsonRalphWaldoEmersonbehalfofapartnership.Someagentsareindependentcontractors.Thatis,theyareoutsidecontractorswhoareemployedbyaprincipaltoconductedli
8、mitedactivitiesfortheprincipal.ExamplesExamplesofindependentcontractorswouldbeanattorneywhoishiredagencylawtorepresentaclientandarealestatebrokerwhoisemployedbyanownertosellThelargebodyof