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Business Law Ch 34

Business Law with UCC Applications Ch 34

QuestionAnswer
Agency Coupled with an Interest An irrevocable agency agreement in which the agent is given an interest in the subject matter of the agency. (Also called Irrevocable Agency).
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. (Also called Ostensible Authority.)
Durable Power of Attorney A document that authorizes an agent to act on another's behalf, with the power either surviving incapacity or bcoming effective upon incapacity.
Express Authority An agent's authority that the principal vountarily 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 aquired, but without transfering 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. (Also called Scope of Employment.)
Created by: dengler