Learning Activity #1
In April 2015, Collector appointed Ageless Antiques, a licensed antique dealership, as agent to find and purchase antique baby grand pianos manufactured by Steinway between 1880-1900 to add to Collector's collection.
Identify and explain, according to the Restatement of Agency, 6 ways a principal may be bound to contracts entered into by an agent on behalf of a principal.
Learning Activity #2
Refer to the scenario regarding Ageless Antiques and review A and B below.
Evaluate and apply the principles of agency law to these events and describe the legal effect of each of these events on the agency-principal relationship and why.
A. In August, 2015, Ageless Antiques found an antique Steinway baby grand piano manufactured in 1890, but kept the piano to sell in the Ageless shop rather than selling it to Collector.
B. In May, 2015, Ageless Antiques bought on behalf of Collector an antique baby grand piano manufactured in 1880 by Grant Company.
Collector's death in September 2015.