termination_of_agency
Table of Contents
Termination of Agency
Agency relationships end by agreement, performance, or operation of law.
Termination by Act of the Parties
- Completion of purpose
- Expiration of the agency agreement
- Mutual agreement of principal and agent
- Unilateral termination by principal (may result in liability)
- Renunciation by agent
Termination by Operation of Law
- Death of the principal or agent
- Incapacity of the principal or agent
- Destruction or condemnation of the property
- Bankruptcy of the principal
- Illegality of purpose
Effect of Termination
- Agent’s authority ends immediately
- Confidentiality duties continue after termination
- Agent may be entitled to compensation if earned
- Principal may be liable for wrongful termination
Notice of Termination
- Actual notice to agent and third parties is recommended
- Apparent authority may continue without proper notice
termination_of_agency.txt · Last modified: by reidjs