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3.02 Agency Laws

Business Law 3.02 Agency Law key Terms

QuestionAnswer
Actual Authority expressed and implied powers
Agency by agreement legal contract creating a fiduciary relationship whereby the first party ("the principal") agrees that the actions of a second party
Agency by estoppel If a third party believes that another person is the principal's agent when in in fact they are not, the principal is estopped to deny the agency relationship.
agency by ratification A situation in which a person or company inaccurately claims to be an agent for another person or company and conducts some act in that capacity, but which the principal (who is not actually a principal) later accepts and recognizes.
agency by statute
agency law the relationship that exists when one person or party (the principal) engages another (the agent) to act for him
agent Individual employed by principal to work with the third party.
agents agent an agent who has an agent of their own
apparent authority
co-agents An agent appointed by another agent without the knowledge and consent of the principal.
general agent gives a wide scope of authority to the Agent
Gratuitous agent Works for free, no contract exists between them, 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 special undertaking which she/he is instructed to perform.
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: j.stehman
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