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Business Law 3.02

Understand Agency Law

TermDefinition
Actual authority the principal intentionally gives express and implied powers to the agent to act for him/her
agency by agreement a legal contract that is used to create a principal-agent relationship
agency by estoppel legally binding agency relationship that requires no formal agency agreement
agency by ratification situation in which a person or company inaccurately claims to be an agent for another person and conducts some act in that capacity, but which the principal later accepts and recognizes
agency by statute a contract of agency relationship put into place by a legislative body
agency law area of law dealing relationships created between two parties in which the principal gives authority to an agent to act of the principal's behalf in business transactions with a third party
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 occurs when a principal causes or allows a third person to believe that an agency relationship exists, when there is no express agency
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; no contract exists 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 she/he is instructed to perform; has a limited authority to act
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 Principal
Created by: ellabrotherton
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