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15 Cards in this Set
- Front
- Back
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Actual Authority
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Th power of an agent that derives from either express or implied agreement. |
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Agency |
A relationship that exists when one party represents another party in the formation of legal relations
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Agency by Estoppel |
An agency relationship created when the principle acts such that third parties reasonably conclude that an agency relationship exists.
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Agency by Ratification |
An agency relationship created when one party adopts a contract entered into on his behalf by another who at the time acted without authority |
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Agent |
A person who is authorized to act on behalf of another |
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Apparent Authority |
The power that an agent appears to have to an outsider because of conduct or statements of the principal |
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Fiduciary |
A person who has a duty of good faith toward another because of their relationship. |
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Fiduciary Duty |
A duty imposed on a person who has a special relationship of trust with another |
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Insurance Broker |
An independent business that deals with several insurance companies and advises clients on the appropriate insurance coverage |
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Law of Agency |
The law governing the relationship where one party, the agent, acts on behalf of another, the principal |
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Outsider |
The party with whom the agent does business of behalf of the principal |
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Power of Attorney |
An agency agreement in writing and under seal |
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Principal |
A person who has permitted another to act on her behalf |
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Undisclosed Principal |
A principal whose identity is unknown to a third party who has no knowledge that the agent is acting in an agency capacity. |
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Warranty of Authority |
A representation of authority by a person who purports to be an agent. |
