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3.02 Key Terms

Understanding Contract Law

TermDefinition
Actual Authority expressed and implied powers of an agent
Agency by agreement agency relationship created by oral or written contract between agent and principal
Agency by estoppel an agency relationship created because of the principals action caused a third party to believe that an agency relationship exist
Agency by ratification an agency relationship that is created because the principal approved of an agents unauthorized action after the action occured
Agency by statute agency relationship created by state law
Agency law an area of law dealing with working relationships created between two parties
Agent an individual employed by the principal to work with the third party
Agent's agent an agent appointed by another agent without the knowledge of consent of the principal
Apparent authority occurs when the power of an agent was created by law or circumstance
Co-agent two or more agents working together
General agent an agent given authority to preform various tasks
Gratuitous agent agent that works for free
Partially disclosed agent an agent that is given authority to work with a third party but forbidden to reveal the identity of the principal
Principal individual who gives authority to agent
Special agent an agent that is given special authority to do certain tasks
Subagent an agent appointed by another agent with the knowledge and consent of the principal
Third party the person or company who the agent deals with on behalf of the principal
Created by: 9306741
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