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Business Law Ch 34
Business Law with UCC Applications Ch 34
| Question | Answer |
|---|---|
| Agency Coupled with an Interest | An irrevocable agency agreement in which the agent is given an interest in the subject matter of the agency. (Also called Irrevocable Agency). |
| Apparent Authority | An accountability doctrine whereby a principal, by virtue of the words or actions, leads a third party to believe that an agent has authority but no such authority was intended. (Also called Ostensible Authority.) |
| Durable Power of Attorney | A document that authorizes an agent to act on another's behalf, with the power either surviving incapacity or bcoming effective upon incapacity. |
| Express Authority | An agent's authority that the principal vountarily and specifically sets forth as oral or written instructions in an agency agreement. |
| Implied Authority | The authority of an agent to perform acts that are necessary or customary to carry out expressly authorized duties. |
| Indemnification | Payment for loss or damage suffered. |
| Lingering Apparent Authority | Apparent authority that stays with an agent if the principal has terminated the agent but has failed to give proper notice. |
| Renunciation | A legal act by which a person abandons a right aquired, but without transfering it to another. |
| Revocation | The calling back of an offer by the offeror. |
| Scope of Authority | The range of acts done while performing agency duties. (Also called Scope of Employment.) |
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dengler
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