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Power of Attorney
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What power does a Power of Attorney have?
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TermDefinition
Power of Attorney A form of agency relationship that grants another person the authority to enter into transactions
What power does a Power of Attorney have? An individual that gives another the rights to manage their financial affairs in everything
Agency Relationship The principle grants authority to an agent, both consensual and fiduciary. Both agree to the relationship and have equal duties and responsibilities
Principles Those who have others acting on their behalf
How are employees agents of the principle, but not all agents are employees? Ex, An office may higher another business to do a job for them, but the business is not run or owned by the company. But still operates for them.
Master-Servant Relationship A relationship in which the principle (master) exercises a great deal of control over the agent (servant)
What factors determine whether a Master-Servant relationship exists? Level of supervision and control of the agent Nature of the agent's work Regularity of hours and pay Length of employment
Independent Contractor Acts on behalf of another to perform a task but is not under the direct control of the other person
What is an example of an Independent Contractor? Ex, A subcontractor hired to perform partial work on a construction site
Are principle responsible for Independent Contractors? They have less responsibility for independent contractors because they have little control over a contractor's conduct
Restatement of Agency A compilation of the common law of agency followed by the majority of states, in regard to the agent-principle relationship
What areas are examined in Agency Law? 1- Creation of the agency relationship 2- Relationship between principles and agents 3- The relationship of the agents and principles to third parties
Express Authority A written agreement authorizing an agent to act on behalf of another person or business
Express Contract A spoken or written agreement that specifies the terms and limitations of an employee or an agents authority
If an agency relationship is created, does it need to be recorded to be shown as evidence? It does not need to recorded to show evidence of the agreement, but is in the best interest for both employer and employee
Capacity The capacity (age and mental capacity) to make contracts
Uniform Durable Power of Attorney Act Allows an individual to appoint someone to manage their finances and other important matter on their behalf
Unincorporated Association A group that acts as an entity but has no legal existence
What is an example of a Unincorporated Association? Charitable organizations, such as churches
Implied Authority An extension of express authority by custom
Actual Authority Express and Implied Authority
Apparent Authority or Agency by Estoppel Holds a principle liable if the principle makes others believe there is an agency relationship
Ratification The principle reviews a contract and voluntarily decides that, even if the agent did not have proper authority, the contract will be honored as if the agent had full authority
Created by: JCWolfe25
 

 



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