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18 Cards in this Set
- Front
- Back
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agency |
a relationship between two parties created by an implied or an expressed agreement |
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principal |
one who authorizes another to enter into a legal relationship in his/her behalf |
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agent |
on who is empowered to alter the legal relation of another |
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warranty of principal capacity |
assumption of the law that the agent promises the third party that the principals capacity |
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scope of authority |
in employment law, range of contractual acts an organization has an employee to do;in agency, range of contractual acts authorized by the principal |
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expressed authority |
agency authority directly communicated by the principal to the agent |
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power of attorney |
any writing that appoints someone as an agent |
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implied authority |
agency authority that is implied from the grant of expressed authority or because of an emergency |
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apparent authority |
the authority that the principal with knowledge or through negligence permit the agent to assume or which the principal holds the agent out as possing |
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ratification |
acting towards the contract as though one intends to be bound by it; princip[al assent to un authorized act of agent |
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fiduciary duties |
legal requirement for certain categories of persons, such as agents, to subordinate their personal interest in order to act for the benefit of another person |
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duty of loyalty |
agent may not secretly benefit from the agency transaction |
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duty of obediance |
requires employee to follow the reasonable orders and rules of the employer |
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duty of reasonable care and skills |
requires agents to express the degree of care and skill any reasonably prudent person would use in a similar situation |
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duty of confidentiality |
requires the agent to treat information about the principal very careful |
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duty of accounting |
requires agent to account to the principal for all money and property of the principal that comes into the agents possession
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comminging |
mixing the money of the agent and the principal together |
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undisclosed principal |
principal whose identity is kept secretly from the third party by the agent |
