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3.02 Agency laws law

buisnes

TermDefinition
Actual authority if the principal intentionally gives express and implied powers to the agent to act for him/her, the agent possess actual authority
Agency by agreement formed through express consent(oral or written) or implied by conduct
Agency by estoppel created by law or circumstance. occurs when a principal causes or allows a third person to believe that an agency relationship exists when there is no express agenct
Agency by ratification principal either by act or agreement ratifies conduct of a person who is not in fact an agent
Agency by statute agency by law
Agency law area of law dealing relationships created between 2 parties the principal and the agent who is a third party.
Agent individual employed by principal to work with the third party
Apparent Authority also called agency by estoppel created by law or circumstance occurs when a principal causes or allows a third person to believe that an agency relationship exists when there is no express agency
Co-Agent 2 or more agents working together
General agent gives a wide scope of authority to the agent. given authority by principal to perform a variety of tasks
Gratuitous agent works for free, no contract between agent and principal, agent can terminate relationship at any time
Partially disclosed agent given authority to work with a third party but forbidden to reveal identity of the principal
Principal individual who gives authority to the agent
Special agent an agent whose authority is limited to the specific undertaking which she/he is instructed to
Subagent an agent appointed by another agent with the knowledge and consent of the principal
Third party the person or company whom the agent deals with on behalf of the principal
Created by: Snholene
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