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5 Cards in this Set

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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