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18 Cards in this Set
- Front
- Back
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Agency
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relationship between two parties created by an implied or an express agreement or by law |
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Principal
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person who so empowers another to enter into legal relationships in his or her behalf |
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Agent |
party so empowered |
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Warranty of The Principal's Capacity |
implied by law on the agent |
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Scope of Authority
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in employment law, range of contracted acts on organization has authorized an employee to do |
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Express Authority |
Communicated directly by the principal to the agent orally or written
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Implied Authority
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the power to do anything that is reasonably necessary or customary to carry out the duties expressly authorized
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Apparent Authority |
the authority that the principal, with knowledge or through negligence, permits the agent out as possessing |
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Ratification
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approval of a previously unauthorized act or an act outside the agents scope of authority |
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Fiduciary Duties
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Require certain categories of persons, such as agents, to subordinate their personal intrests in order to act for the benefit of another person
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Duty of Loyalty |
The agent may not secretly benefit from the agency transaction
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Duty of Obidience
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The agent must carefully obey the instructions of the principal
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Duty of Reasonable Care and Skill |
the agent to exercise the degree of cafe and skill that a reasonably powered person would use in a similar situation |
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Duty of Confidentiality |
the agent to treat information about the principal with great caution
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Duty of Accounting |
agent to account to the principal for all money and property of the principal that comes into the agents possession
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Commingly |
mixing the fund or property of a fiduciary such as an agent with those at the person for whom the the fiduciary duty od such as her or his client
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Undisclosed principal |
an agent is not allowed to reveal the principals existence or identity
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Power of Attorney |
any writing that appoints someone as an agent |
