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3.02 AgencyLaw

QuestionAnswer
Actual authority express and implied powers of an agent.
Agency by agreement agency relationship that is created by an oral or written contract between the agent and principal
Agency by estoppel agency relationship that is created because the principal's action caused a third party to believe that an agency relationship exists.
Agency by ratification agency relationship that is created because the principal approved of an agents unauthorized action after the action occurred.
Agency by statute agency relationship created by state law.
Agency law 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 or 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 gives authority to the agent
Special agent an agent that is given the authority to perform specific tasks.
Sub agent 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: billy.lee73 on 2014-03-28



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