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Business Law Ch 22
Business Law with UCC Applications Ch 22
| Question | Answer |
|---|---|
| Agency | A legal agreement between two persons, whereby one is designated the agent of the other. |
| Agent | A person authorized to act on behalf of another and subject to the other's control in dealing with third parties. |
| Agency Coupled With An Interest | An irrevocable agency agreement in which the agent is given an interest in the subject matter of the agency. |
| Consensual | An agreement to act. |
| Del Credere Agent (del-KREH-de-reh) | A factor who guarantees the credit of a third party to a principal and guarantees the solvency of the purchaser and the performance of the contract. |
| Disclosed Principal | A person known by a third party to be the principal of an agent. |
| Factor | A special agent who is employed to sell merchandise consigned for that purpose. |
| General Agent | A person who is given broad authority to act on behalf of the principal in conducting the bulk of the principal's business activities on a daily basis. |
| Gratuitous Agency | A situation in which a contract does not create an agency relationship. |
| Gratuitous Agent | An agent who is under contract but is not involved in an agency relationship. |
| Independent Contractor | One who contracts to do a job and who retains complete control over the methods employed to obtain completion. |
| Master | An outdated term signifying an individual who has the right to control the physical conduct of a servant or employee. |
| Negligent Hiring | The proprietor's liability for the hiring of an incompetent contractor who consequently harms an innocent third party while performing the hired-for work. |
| Negligent Retention | The failure of a proprietor to dismiss an incompetent contractor after the proprietor has learned of the contractor's incompetence. |
| Nondelegable Duty | A duty that the proprietor cannot delegate, or pass off, to another party. |
| Partially Disclosed Principal | A person, in a transaction conducted by an agent, whose existence is known to the third party but whose specific identity is unknown. |
| Power of Attorney | An instrument in writing by which one person, as principal, appoints another as agent and confers the authority to perform certain specified acts on behalf of the principal. |
| Principal | A person who authorizes an agent to act on her or his behalf and subject to her or his control. |
| Proprietor | An owner, as of a business. The party for which an independent contractor works. |
| Ratification | The principal's approval of an unauthorized act performed by an agent or by one who has no authority to act as an agent. Also, an approval of a contract made by a minor after reaching maturity. |
| Scope of Employment | The range of acts done while performing agency duties. |
| Servant | An outdated term signifying a person employed to perform services in the affairs of another and who, with respect to the physical conduct in the performance of the service, is subject to the other's right to control. |
| Sovereign Immunity | The somewhat discredited doctrine preventing a lawsuit against government authority without the government's consent. |
| Special Agent | A person who is authorized to conduct only a particular transaction or to perform only a specified act for a principal. |
| Sui Generis | A law unto itself. An area of the law that has developed its own independent self-contained rules. |
| Third Party | In contract law, a person who may, in some way, be affected by a contract but who is not one of the contracting parties. (Also called Outside Party). |
| Undisclosed Principal | A person, in a transaction by an agent, whose existence and identity are unknown to the third party. |
| Vicarious Liability | The concept of laying responsibility or blame upon one person for the actions of another. |
| Apparent Authority | An accountability doctrine whereby a principal, by virtue of the words or actions, leads a third party to believe that an agent has authority but no such authority was intended. |
| Control Test | In tort law and in agency law, the test within the doctrine of respondeat superior which asks that we determine the degree of control or right to control that the hiring person had over the hired person in order to determine liability. |
| Durable Power of Attorney | A document that authorizes an agent to act on another's behalf, with the power either surviving incapacity or becoming effective upon incapacity. |
| Economic Reality Test | In agency law, a test used by the court in vicarious liability to determine whether a worker is a servant or an independent contractor. |
| Express Authority | An agent's authority that the principal voluntarily and specifically sets forth as oral or written instructions in an agency agreement. |
| Implied Authority | The authority of an agent to perform acts that are necessary or customary to carry out expressly authorized duties. |
| Indemnification | Payment for loss or damage suffered. |
| Lingering Apparent Authority | Apparent authority that stays with an agent if the principal has terminated the agent but has failed to give proper notice. |
| Renunciation | A legal act by which a person abandons a right acquired, but without transferring it to another. |
| Revocation | The calling back of an offer by the offeror. |
| Scope of Authority | The range of acts done while performing agency duties. |
| Sovereign Immunity | The somewhat discredited doctrine preventing a lawsuit against government authority without the government's consent. |
| Uniform Durable Power of Attorney Act | Legislation that states a person may appoint an "attorney in fact" by signing a written durable power of attorney. |
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