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3.02 vocab

TermDefinition
actual authority if the principal intentionally gives express and implied powers to the agent to act for him/her,
agency by agreement formed through express consent (oral or written) or implied by conduct
agency by estoppel created by law or circumstance, principal remains liable for the agents action
agency by ratification principal either by act or by agreement ratifies conduct of a person who is not in fact an agent
agency law area of law dealing relationships created between two parties in which the principal gives authority to an agent
agent individual employed by principal to work with the third party
agent's agent an agent appointed by another agent without the knowledge and consent of the principal
apparent authority also called agency by estoppel
co-agents two or more agents working together
general agent given authority by principal to perform a variety of tasks
gratuitous agent agent that works for free with no contract between agent and principal
partially disclosed agent given authority to work with a third party but forbidden to reveal identity of the principal
principal individual who gives authority to the agent
special agent an agent whose authority is limited to the special undertaking which he/she is instructed to perform
subagent an agent appointed by another agent with the knowledge and consent of the principal
third party the person or company whom the agent deals with on behalf of the principle
Created by: 9306999
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