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Chapter 26

Law for business chapter 26 definitions

TermDefinition
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
Created by: JuliRae
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