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Misrepresentation: Difference between revisions
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That said, modern usage is slack; most folks, not being purists like the [[JC]], care not a row of beans that [[representations and warranties]] are in fact profoundly different things, and treat them as synonymous. for example: almost none of the purported “[[representations]]” in the {{isdama}} are [[representations]] at all. They are mostly [[warranties]]. | That said, modern usage is slack; most folks, not being purists like the [[JC]], care not a row of beans that [[representations and warranties]] are in fact profoundly different things, and treat them as synonymous. for example: almost none of the purported “[[representations]]” in the {{isdama}} are [[representations]] at all. They are mostly [[warranties]]. | ||
=== | ===Representations by agents on the agent’s own behalf=== | ||
Where | Where a person’s obligations are stewarded by an [[agent]] — quite common for an [[investment manager]] trading on behalf of a [[fund]] — a [[broker]] might think about having the [[agent]] represent, on its own behalf, about its role as [[agent]]. It might ask the [[agent]] to do this in the master agreement. | ||
The sound of an [[asset manager]] confirming its ongoing authority to bind its [[principal]] gladdens a broker’s heart. A full-throated assertion of its own regulatory authorisation; its continued [[good standing]] with the companies office; the continued involvement of its [[key person]]s in making investment decisions — each is sure to put a jaunt in a [[broker]]’s stride. The [[broker]]’s legal eagles will doubtless dream up others. | |||
But an [[investment manager]] will sign as, well, its [[customer]]’s [[agent]], not on its own behalf. For many this will be an article of profound faith: they will be at some pains, which they will willingly inflict on you, to avoid the barest hint they are speaking for themselves. “When an [[agent]], ''as'' [[agent]], opens its mouth,” they will tell you, “it ''becomes'' its [[principal]] for all purposes that interest the law.” | |||
And so it does. As far as the [[courts of chancery|Courts of Chancery]] are concerned, to be an [[agent]] is to be wholly transubstantiated ''into the person of one’s [[principal]]''. ''Transmogrified''. It is, for all forensic intents to disappear; one’s ghostly outline may still be there, but it is a chimera: one exists only to be the earthly representation of another. | And so it does. As far as the [[courts of chancery|Courts of Chancery]] are concerned, to be an [[agent]] is to be wholly transubstantiated ''into the person of one’s [[principal]]''. ''Transmogrified''. It is, for all forensic intents to disappear; one’s ghostly outline may still be there, but it is a chimera: one exists only to be the earthly representation of another. | ||