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3.02

Understand Agency Law

QuestionAnswer
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 aka apparent authority occurs when a principal, intentionally or negligently causes or allows a third person to believe that an agency relationship exists, when there is no express agency
Agency by Statute
Agency by Ratification Principal either by act or by agreement ratifies conduct of a person who is not in fact an agent
Agency by law
Agent
Agent's Agent An agent appointed by another agent without the knowledge and consent of the principal.
Apparent Authority
co-agents Two or more agents working together.
general agent Given authority by principal to perform a VARIETY of tasks.
gratuitous agent
partially disclosed agent Given authority to work with a third party but forbidden to reveal identity of the principal.
principal
special agent
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: adombrycz
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