Agency Relationships in Business
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| agency | A relationship between two parties in which one party (the agent) agrees to represent or act for the other (the principal).
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| fiduciary | As a noun, a person having a duty created by his undertaking to act primarily for another’s benefit in matters connected with the undertaking. As an adjective, a relationship founded on trust and confidence.
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| independent contractor | One who works for, and receives payment from, an employer but whose working conditions and methods are not controlled by the employer. (Not an employee, but may be an agent.)
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| ratification | A party’s act of accepting or giving legal force to a contract or other obligation entered into by another that previously was not enforceable.
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| equal dignity rule | A rule requiring that an agent’s authority be in writing if the contract to be made on behalf of the principal must be in writing.
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| power of attorney | Authorization for another to act as one’s agent or attorney in either specified circumstances (special) or in all situations (general).
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| notary public | A public official authorized to attest to the authenticity of signatures.
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| apparent authority | Authority that is only apparent, not real. An agent’s [x] arises when the principal causes a third party to believe that the agent has authority, even though he does not.
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| disclosed principal | A principal whose identity is known to a third party at the time the agent makes a contract with the third party.
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| partially disclosed principal | A principal whose identity is unknown to the third party, but the third party knows that the agent is or may be acting for a principal at the time the agent and the third party form a contract.
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| undisclosed principal | A principal whose identity is unknown by a third party, and that person has no knowledge that the agent is acting for a principal at the time the agent and the third party form a contract.
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| respondeat superior | A doctrine under which a principal or an employer is held liable for the wrongful acts committed by agents or employees while acting within the course and scope of their agency or employment.
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| vicarious liability | Indirect liability imposed on a supervisory part (such as an employer) for the actions of a subordinate (such as an employee) because of the relationship between the two parties.
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