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3.02 Business Law

TermDefinition
Actual Authority The express and implied powers of an agent.
Agency by agreement A legal contract creating a fiduciary relationship whereby the first party agrees that the actions of the second party.
Agency by estoppel Where the principal will be estopped from denying the grant of authority if third parties have changes their positions to their detriment in reliance on the representations made.
Agency by ratification A principals approval of an act of its agent where the agent lacked authority to legally bind the principal.
Agency by statute A claimant may not recover from the principal unless the agent is acting with the scope of employment.
Agency law Is authority an agent has by virtue of being reasonably necessary to carry out his express authority.
Agent A person who acts on behalf of another.
Apparent authority The powers of the agent are created by law or circumstance.
Coagents Two or more agents working together.
General agent Agent that is given the authority to perform a variety of tasks.
Gratuitous agent Agent that works for free
Partially disclosed agent Agent that is given the authority to work with a third party but forbidden to reveal the identity of the principal.
Principal Individual who gives authority to the agent .
Special agent Agent that is given the authority to perform specific tasks
Subagent An agent appointed by another agent with knowledge and consent of the principal.
Third Party The person or company whom the agent deals with on behalf of the principal.
Created by: k.blackmon78
 

 



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