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Chapter 26
Law for business chapter 26 definitions
Term | Definition |
---|---|
Principal | Person who appoints another to contract with third parties |
Agent | Person appointed to contract on behalf of another |
General agent | Agent authorized to carry out particular kind of business or all business at a place |
Special agent | Agent authorized to transact specific act or acts |
Factor or commission merchant | Bailee seeking to sell property on commission |
Factor del credere | Factor who sells on credit and guarantees price will be paid |
Broker | Agent with job of bringing two contracting parties together |
Attorney in fact | General agent appointed by written authorization |
Express authority | Authority of agent stated in agreement creating agency |
Implied authority | Agent's authority to do things in order to carry out express authority |
Customary authority | Authority an agent possesses by custom |
Apparent authority | Authority an agent is believed to have because of principal's behavior |
Agency | Contract under which one party is authorized to contract for another |
Power of attorney | Writing appointing an agent |
Ratification | Approval of unauthorized act |
Agency by estoppel | Agency arising when one person leads another to believe third party is agent |
Independent contractor | One who contracts to do jo and is controlled only by contract as to how performed |