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Bus Law 3.02

Understand agency law

TermDefinition
Actual Authority The principal gives expressed and implied
Agency by Agreement
Agency by Estoppel Principal lets the agent have authority through negligent or implied actions
Agency by Ratification
Agency by Statute
Agency Law
Agent The person who the principal employs to act on behalf of them
Agent's Agent Agent who is employed by the agent without knowledge by the principal
Apparent Authority
Co-Agent Two or more agents working together
General Agent Agent to perform a broad range of tasks
Gratuitous Agent
Partially Disclosed Agent Agent who can work with the third party but cannot reveal the identity of the principal
Principal The person who grants authority to an agent to act on behalf of them
Special Agent Agent employed to perform a specific function
Subagent
Third Party The person who the agent interacts with acts on behalf of the principal
Created by: GrayDoby
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