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Bus. Law 3.02

QuestionAnswer
Actual Authority The principal gives expressed and implied powers to the agent to act for him/her, the agent possesses actual authority
Agency by Agreement
Agency by Estoppel Principal lets the agent have authority, intentionally or negligently, causes or allows them to believe agency relationship exists
Agency by Ratification
Agency by Statue
Agency Law
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
Co-agents Two or more agents working together
General Agent The person who grants authority to an agent to act on behalf of them
Gratuitous Agent 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 Individual who gives authority to the agent
Special Agent Authority is limited to a special undertaking which he/she is instructed to perform
Subagent Appointed by another agent with the knowledge and consent of the principal
Third Party The person or company whom the agents deals with an behalf of the principal
Created by: gmwilson2
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