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Ch 1-2: Principal
Types of principals
Term | Definition |
---|---|
Undisclosed principal | Identity and existence of the principal are kept secret; All parties involved in dealings with the agent are led to believe the agent is the principal. |
Partially disclosed principal | Third parties know of the existence of the principal, but not their identity. |
Disclosed principal | Both the existence and identity of the principal are known to the third party. |