21-1 To 21-2

Front 1

agency

Back 1

person who has received the power to act on behalf of another, binding that other person as if he or she were themselves making the decisions.

Front 2

principal

Back 2

the one who authorizes an agent to act to create one or more legal relationships with a third party.

Front 3

agent

Back 3

a person who acts on behalf of another, in particular.

Front 4

warranty of the principals capacity

Back 4

is imposed by the law on the agent

Front 5

scope of authority

Back 5

Power delegated to an agent under an agency agreement for carrying out the principal's business or instruction.

Front 6

express authority

Back 6

specific authority given by a delegator or principal to his or her delegatee or agent, through oral or written, or partly-oral and partly-written, words.

Front 7

power of attorney

Back 7

power of attorney that authorizes the agent to act generally on behalf of the principal

Front 8

implied authority

Back 8

agent have to arise from the express authority given to the agent or from the principal's acquiescence of the agent's actions.

Front 9

apparent authority

Back 9

Legal concept that a principal is liable for the acts of the agent if the principal gives an impression to a third party that the agent acts or speaks for the principal.

Front 10

ratifaction

Back 10

Acceptance of an act or agreement that was signed by the confirming party itself.

Front 11

fiduciary duties

Back 11

A legal obligation of one party to act in the best interest of another.

Front 12

duty of loyalty

Back 12

A law term used to describe a corporate fiduciary's fidelity to the company's interests.

Front 13

duty of obeedience

Back 13

members should put the interests of the institution before self interests.

Front 14

duty of reasonable care and skill

Back 14

the degree of caution and concern for the safety of themselves and others an ordinarily prudent and rational person would use in the circumstances.

Front 15

duty of confidentially

Back 15

obliges a solicitor to respect the confidentiality of his client's affairs

Front 16

duty of accounting

Back 16

Focuses on providing financial information useful in evaluating efficiency and effectiveness of managers or department heads.

Front 17

commingling

Back 17

Mixing cash with personal funds, a practice that always attracts adverse attention from the taxation people, and may make the offender personally liable for the firm's obligations.

Front 18

undisclosed principal

Back 18

is a person who uses an agent for negotiations with a third party who has no knowledge of the identity of the agent's principal.