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3.02 Key Terms

Unit 3.00 - Understand employment, agency, environmental, energy, and intellectu

TermDefinition
Actual Authority The express and implied powers of an agent
agency by agreement an agency relationship that is created by an oral written contract between the agent and principal
Agency by estoppel an agency relationship that is created because the principles actio caused a third party to believe that an agency relationship exists
Agency by Ratification An agency relationship that is created because the principal approved of an agent's unauthorized action after the action occurred
Agency By statue An agency relationship created by state of law
Agency Law An area of law dealing with working relationships created between two parties
Agent The 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 powers of the agent are created by law or circumstance
Co agents Two or more agents working together
General Agent An agent that is given the authority to perform a variety of tasks
Gratuitous Agent An agent that works for free
Partially Disclosed Agent An agent that is given the authority to work with a third party but forbidden to reveal the identity of the principal
Principal The individual who give authority to agents
Special Agent An agent that is given the authority to perform specific tasks
Subagent An agent appointed by another agent with the knowledge and consent of the principal
Third Party The person or company whom the agents deal with on behalf of the principals
Created by: AsianKid
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