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Business Law 3.02

Understand Agency Law

TermDefinition
Actual Authority When the principal intentionally gives express & implied powers to the agent to act for him/her
Agency by Agreement An agency relationship that is created by oral or written contract between the agent & principal
Agency by Estoppel An agency relationship that is created because the principal's action caused a third party to believe that an agency relationship exists
Agency by Ratification A agency relationship that is developed because the principal approved of an agent's unauthorized action after the action occurred
Agency by Statute An agency relationship created by state law
Agency Law An area of law dealing relationships created between two parties in which the principal gives authority to an agent
Agent An individual employed by principal to work with the third party
Agent's Agent An agent appointed by another agent without the knowledge 7 consent of the principal
Apparent Authority The powers of the agent are created by law or circumstance
Co-Agents two or more agents working together
General Agent Given authority by principal to perform a variety of task
Gratuitous Agent An agent that works for free
Partially Disclosed Agent Given authority to work with a third party but forbidden to reveal identity of the principal
Principal An individual who gives authority to the agent
Special Agent An agent whose authority is limited to the special undertaking which s/he is instructed to perform
Subagent An agent appointed by another agent with the knowledge & consent of the principal
Third Party A person or company whom the agent deals with on behalf of the principal
Created by: abcrudup
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