Page:United States Statutes at Large Volume 76A.djvu/284

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2761. 2762. 2763. 2764.

Warranty of authority. Agent's responsibility to third persons. Surrender of property to third person. Application of chapter on persons. SUBCHAPTER V


2781. Agent's delegation of powers. 2782. Unauthorized subagent. 2783. Authorized subagent SUBCHAPTER VI—TERMINATION OF A6ENCT

2801. Termination generally. 2802. Revocation, death, or incapacity of principal.

Subchapter I—Definitions § 2661. Agent and agency defined An agent is one who represents another, called the principal, in dealings with third persons. Such a representation is called agency. § 2662. Capacity to appoint or be agent Any person having capacity to contract may appoint an agent, and any person may be an agent. § 2663. General or special agents An agent for a particular act or transaction is called a special agent. All others are general agents. § 2664. Actual or ostensible agency An agency is either actual or ostensible. § 2665. Actual agency defined An agency is actual when the agent is really employed by the principal. § 2666. Ostensible agency defined An agency is ostensible when the principal intentionally, or by want of ordinary care, causes a third person to believe another who is not really employed by him to be his agent. Subchapter II—Authority of Agents § 2691. Scope of authority An agent may be authorized to do any acts which his principal might do, except those to which the latter is bound to give his personal attention. § 2692. Performance of acts required of principal by this title Every act which, according to this title, may be done by or to any person, may be done by or to the agent of that person for that purpose, unless a contrary intention clearly appears. § 2693. Defrauding principal An agent may never have authority, either actual or ostensible, to do an act which is, and is known or suspected by the person with whom he deals to be, a fraud upon the principal. § 2694. Creation of agency An agency may be created, and an authority may be conferred, by a precedent authorization or a subsequent ratification.