Discussion: agency and authority | Economics homework help

Bruce Wayne is a well-known, wealthy financial expert living in the city of Gotham. Alfred Hitchcock, Wayne’s friend, tells Leroy Brown that he is Wayne’s agent for the purchase of rare antiques. Hitchcock even shows Brown a local newspaper clipping mentioning Wayne’s interest in antique collecting. Brown, knowing of Hitchcock’s friendship with Wayne, contracts with Hitchcock to sell a rare vase valued at $25,000 to Wayne. Hitchcock takes the vase and disappears with it. On the payment due date, Brown seeks to collect from Hitchcock, claiming that Hitchcock’s agency made Wayne liable. Wayne does not deny that Hitchcock was a friend, but he claims that Hitchcock was never his agent. 

Discuss fully whether an agency was in existence at the time the contract for the rare vase was made.  If there is an agency relationship, how was it established?  Does Hitchcock have authority to conduct business on behalf of Wayne?  If so, what type of authority does he have?  Can the court estop Wayne from denying Hitchcock’s agency?

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