Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
5 Cards in this Set
- Front
- Back
|
Define Agency
|
a relationship created when one party (principal) manifests asset to another (agent) that they will act on the principal's behalf and subject to the principal's control, and the agent manifests consent
|
|
|
Can a minor be a principal?
|
Yes, but the appointment of an agent is voidable because minor's can't K
|
|
|
What are the four methods of creating an agency?
|
1. Actual
2. Apparent 3. Inherent 4. Ratification |
|
|
Actual Authority (explain)
|
P actually authorizes A to act on P's behalf;
1. express - direct communication 2. implied - reasonably believes he has authority to act for P |
|
|
Inherent Authority (explain)
|
P knowingly or negligently leads a 3rd party to believe A has authority to act for P
|
