irrevocable authority

irrevocable authority

certain types of agency agreement are held to be irrevocable:
  1. (1) authority coupled with an interest, where the underlying purpose of the agency agreement is to protect some interest of the agent;
  2. (2) executed authority, where the agent has commenced performance of his agency and has incurred liabilities in connection therewith for which his principal must indemnify him;
  3. (3) statutory authority, where there are certain statutory provisions designed to protect third parties against the effects of revocation of an agent's authority.
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