Page:United States Statutes at Large Volume 47 Part 1.djvu/1289

 72d CONGRE SS. SESS. II. CII. 128. FEBR UARY 27, 1933 . CROSS B.EFErs rrcEs Actual agents authority, see sections 1052, 1053, 1055, and 1056. Ostensible ,agents authority, see sections 1052, 1054 to 1056, and 1067. SEC. 1039. ACTUAL AGENCY.-An agency is actual when the agent is really employed by the principal. SEC. 1040. OSTENSTRT,F AGLNCY.-An agency is ostensible when the principal intentionally, or by want of ordinary care, causes a third person to believe another to be his agent who is not really employed by him. Compare section 1054. CROSS REFERENCE AUTHORITY OF AGENTS Power of attorney to execute mortgage, see section 1345 Statute of frauds, see sections 451 and 600. Fbst, p. 1288. Post, pp. 1266, 1267 . Actual agency. Ostensi ble. Post, p .1268. 1265 Authority of agents. SEC. 1041. WH AT AUT HORIT Y MAY BE CO NFERR ED .-An agent may be Extent . authorized to do any acts which his principal might do, except those to which the latter is bound to give his personal attention. (.^ +ROSS REFERENCE, Delegation of authority by agent, see sections 1077 to 1079 . SEC. 1042. AGENT AgAY PERFORM ACTS REQUIRED OF PRINCIPAL B~ All legal acts' coDE .-Every act which, according to this code, may be done by or to any person, may be done by or to the agent of such person for that purpose, unless a contrary intention clearly appears . SEC. 1043: AGENT CAN NOT HAVE A U'T1 iORITY TO DEF RAUD PRIN- A uthority to defraud c .-An agent can never have authority, either actual or osten- principal denied . Bible, 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 . Creation SEC. 1044. CREATION of AGENCY .-An agency may be created, and an authority may be conferred by a precedent authorization or a sub- sequent ratification. Sltc. 1045. C0NBID ERATI ON uN NEcE8s Aay . -, .A consideration is not es lderationunneo . necessary to make an authority, whether precedent or subsequent, binding upon the principal. Formoranthority. SEC. 1046. FORM of AUTHO RITY .-Af oral authorization is suffi- cient for any purpose, except that an authority to enter into a con- tract required by law to be in writing ca n only be given by an instrument in writing. Cross REFErmrczs Post, p.128B. Pad, p. 1301. Ante, pp. 1188,1204 . tlfcation of part S EC. 1 047 . R A 11 .I LCATION OF PART OF A TRANSACTION .-Ratlficatlon of transaction. of part of an indivisible transaction is a ratification of the whole. SEC. 1048. RATIF ICATI ON O F AGE NT'S ACT.-A ratification can be Of agent's act. made only in the manner that wou ld have be en necessary to con fer an original authority for the act ratified, or where an oral authoriza- tion would su ffic e, b y accepting or retaining the benefit of the act with notice, thereof. C ROSS R EFERE NCES Rati ficati on of part, see sec tion 1 047. Ratification is not binding, and may be rescinded, if made without fu ll Post, p. 1266. knowledge of the facts, see section 1051. SEC. 1040. WHEN RATIFICATION VOID .-A ratification 15 not valid when reti8at,n void. unless, at the time of ratifying the act done, the principal has power to confer authority for such an act. 8051 „-33---80