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Undisclosed principal: Difference between revisions
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{{a|brokerage|}} | {{a|brokerage|}}{{Agencydisclosurescenarios}} | ||
===General=== | |||
An [[undisclosed principal]] is a {{tag|principal}} whose identity the {{tag|agent}} has not revealed. A [[principal]] you don’t know is a principal you can’t ''sue''. | An [[undisclosed principal]] is a {{tag|principal}} whose identity the {{tag|agent}} has not revealed. A [[principal]] you don’t know is a principal you can’t ''sue''. | ||
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This is correctly described as still being an agency obligation, but an unconditional one: The [[agent]] must, unconditionally, perform the contract on behalf of its undisclosed principal and then make its own arrangements with the principal for reimbursement of moneys paid out (or received) on its behalf. The agent’s other remedy is to disclose the principal and invite the agent to take matters up with it directly — but even in this case the counterparty may elect to require the agent to perform the bargain. | This is correctly described as still being an agency obligation, but an unconditional one: The [[agent]] must, unconditionally, perform the contract on behalf of its undisclosed principal and then make its own arrangements with the principal for reimbursement of moneys paid out (or received) on its behalf. The agent’s other remedy is to disclose the principal and invite the agent to take matters up with it directly — but even in this case the counterparty may elect to require the agent to perform the bargain. | ||
===Unallocated trades=== | ===Unallocated trades=== | ||
{{unallocatedtrades}} | {{unallocatedtrades}} | ||