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Bus Law 3.02

Understand Agency Law

TermDefinition
Actual Authority The express and implied powers of an agent.
Agency by agreement An agency relationship that is created by an oral or written document.
Agency by estoppel An agency relationship that is created because the Principal's action caused a third party to believe that an agency exists.
Agency by ratification An agency relationship that is created because the Principal approved of an agent's unauthorized action after the action has occurred.
Agency by statute An agency relationship created by State Law.
Agency law An area of law dealing with working relationships created between two parties.
Agent The individual employed by the principal to work with the third party.
Agent's agent An agent appointed by another agent without the knowledge or consent of the principal.
Apparent authority Occurs when the powers of the agent are created by law or circumstance.
Co-agents Two or more agents working together.
General agent An agent that is given the authority to perform a variety of tasks.
Gratuitous agent An agent that works for free.
Partially disclosed agent An agent that is given the authority to work with a third party.
Principal The individual who gives authority to the agent.
Special agent An agent that is given the authority to perform specific tasks.
Subagent An agent appointed by another agent with the knowledge and consent of the principal.
Third party The person/company whom the agent deals with on behalf of the principal.
Created by: JoeStellman
 

 



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