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B Law 2 Unit 5 Ch 23

Agency Relationships in Business

TermDefinition
agency A relationship between two parties in which one party (the agent) agrees to represent or act for the other (the principal).
fiduciary As a noun, a person having a duty created by his undertaking to act primarily for another’s benefit in matters connected with the undertaking. As an adjective, a relationship founded on trust and confidence.
independent contractor One who works for, and receives payment from, an employer but whose working conditions and methods are not controlled by the employer. (Not an employee, but may be an agent.)
ratification A party’s act of accepting or giving legal force to a contract or other obligation entered into by another that previously was not enforceable.
equal dignity rule A rule requiring that an agent’s authority be in writing if the contract to be made on behalf of the principal must be in writing.
power of attorney Authorization for another to act as one’s agent or attorney in either specified circumstances (special) or in all situations (general).
notary public A public official authorized to attest to the authenticity of signatures.
apparent authority Authority that is only apparent, not real. An agent’s [x] arises when the principal causes a third party to believe that the agent has authority, even though he does not.
disclosed principal A principal whose identity is known to a third party at the time the agent makes a contract with the third party.
partially disclosed principal A principal whose identity is unknown to the third party, but the third party knows that the agent is or may be acting for a principal at the time the agent and the third party form a contract.
undisclosed principal A principal whose identity is unknown by a third party, and that person has no knowledge that the agent is acting for a principal at the time the agent and the third party form a contract.
respondeat superior A doctrine under which a principal or an employer is held liable for the wrongful acts committed by agents or employees while acting within the course and scope of their agency or employment.
vicarious liability Indirect liability imposed on a supervisory part (such as an employer) for the actions of a subordinate (such as an employee) because of the relationship between the two parties.
Created by: leighg2011