Organized: The Business Law Breakdown

Agency Law – Episode 6: Agency Estoppel and Ratification

In this episode, Professor Seth C. Oranburg examines the doctrines of estoppel and ratification in agency law. He explains how estoppel protects third parties who reasonably rely on a principal’s conduct—creating an appearance of authority—even when an agent lacks formal authorization. In contrast, Professor Oranburg shows how ratification occurs when a principal later approves an agent’s unauthorized actions, thereby binding themselves to those actions as if they had been authorized from the outset. Drawing on key sections of the Restatement (Third) of Agency, he highlights the subtle distinctions between these doctrines and illustrates their real-world applications through practical examples. Listeners will learn why clear communication and proactive management of agent authority are essential for principals, and what steps third parties should take to verify an agent’s scope of authority. Tune in to understand how these overlapping yet distinct doctrines work to balance fairness and accountability in agency relationships, and to prepare for our final review of agency law in the next lecture.

Agency Law – Episode 7: Review of Agency

In this concluding episode of our agency law module, Professor Seth C. Oranburg reviews and ties together the key principles we’ve explored—from the foundational elements of agency (consent, control, and acting on behalf of the principal) to the nuances of actual versus apparent authority, fiduciary duties, and the termination of agency relationships. He also revisits the doctrines of estoppel and ratification, explaining how these concepts protect third parties and bind principals even when formal authority is absent. The review sets the stage for our upcoming case study, Gay Jenson Farms Co. v. Cargill, by inviting you to critically analyze how courts determine liability based on the principal’s conduct and control. As you prepare to dive into this pivotal case, consider questions such as: Did the principal’s behavior create a reasonable basis for third parties to believe in the agent’s authority? How do the doctrines of estoppel or ratification influence the court’s decision? Join Professor Oranburg as he consolidates these complex ideas, helping you bridge theory with practical application in real-world business disputes.

Economic Analysis of Agency Law: Episode 1 – Welcome to Business Law & Economics with Dr. Seuss

In the premiere episode of Season 3 on the Economic Analysis of Agency Law, Professor Seth C. Oranburg invites you into an engaging exploration of how delegation, trust, and incentives shape our everyday interactions. Far from dry academic theory, this episode uses a playful yet insightful metaphor inspired by Dr. Seuss’s imaginative world of Hotch Hotch to illustrate the principal-agent problem. Whether you’ve ever hired a contractor, managed a team, or taken an Uber, you’ve encountered agency issues firsthand. Professor Oranburg breaks down how these relationships work in practice—explaining why agents sometimes fall short of expectations and how economic theory can help principals better manage agency costs. With clear explanations, relatable examples, and a glossary to ease you into the technical terms, this episode sets the stage for a deeper dive into the intersection of law and economics. Tune in to discover how agency law isn’t just confined to courtrooms or boardrooms—it’s a fundamental part of daily life.