Question
The Principal’s Liability on the Contract
For each assignment in business law, students should utilize
the IRAC method. Introduce the concepts from a particular week,
state the Rule of law making sure to include all elements of any
law, Analyze the problem using both the facts of the case and the
rule of law and finally make a Conclusion on the problem that
week.
Crash agrees to have Steve represent him in various
transactions as an agent to secure him performance contracts and
endorsement deals.
Crash writes a letter to Bob that Steve is his agent.
Unbeknownst to Bob, Crash specifically instructed Steve to only
make endorsement deals with Bob. However, Steve signs a contract
for Crash to attend a birthday party performance.
In all other cases, Steve has express authority to enter into
any contract on behalf of Crash. So Steve makes a contract with
Jimmy for a performance at a bar. Jimmy knows Steve is an agent,
but he doesn’t know who Steve is an agent for.
Finally, Steve makes an endorsement contract with Fred.
Fred has no idea whether Steve is representing anyone.
· Is Crash liable for any of these contracts?
· Is Steve liable for any of these contracts?
You should complete this assignment in a 500-750 word
traditional paper.
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