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18 Cards in this Set
- Front
- Back
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Agency |
Relationship between two parties created or implied express agreement. |
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Principal |
Person empowers another to enter legal relations his or her behalf.
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Agent |
The party is empowered. |
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Warranty of the principals capacity |
Imposed by the law on the agent. |
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Scope of authority |
Agent must act within granted. |
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Power of attorney |
Any writing that appoints someone an agent. |
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Express authority |
Communicated directly by the principal agent. |
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Implied authority |
Power to do anything that is reasonably necessary. |
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Apparent authority |
authority that the principal knowledge or through negligence. |
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Ratification |
approval of previously unauthorized act outside agents authority. |
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Fiduciary duties |
require certain categories of persons. |
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Duty of Loyalty |
the agency may not secretly benefit from the agency transaction |
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Duty of obedience |
agent also owes to principal |
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Duty of reasonable care and skill |
requires the agent to exercise of degree care and skill that a reasonably prudent person would use in a similar situation. |
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Duty of confidentiality |
requires that the agent to treat info about principal with great caution . |
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Duty of accounting |
an agent account to principal for all money and property. |
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Commingling |
mixing the funds or property of a fiduciary such as an agent. |
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Undisclosed principal |
agent is not allowed to reveal the principals existence or identity . |
