Business Law 335 Test 3

Front 1

Equal Dignity Rule

Back 1

If the contract being executed it must be in writing then the agents authority must also be in writing

Front 2

Apparent Authority

Back 2

When the principle by either word or action caused a third party reasonably to believe that the agent has authority to act even though the agent has no express or implied authority

Front 3

Implied Authority

Back 3

To do what is reasonably necessary to carry out express authority and accomplish the objectives of the objectives of the agency

Front 4

Ratification

Back 4

Principle affirms or accepts responsibility for an agents unauthorized act

Front 5

Express Authority

Back 5

Authority declared in clear and direct and definite terms

Front 6

Authorized acts

Back 6

Principle is obligated to perform the contact regardless of weather the principle was disclosed, partially disclosed or undisclosed

Front 7

Unauthorized acts

Back 7

If an agent has no authority but never the less contracts with a third party the principle cannot be held liable on the contact

Front 8

Respondent Superior

Back 8

Let the master respond- In Latin. Doctrine in which a principle or an employer is held liable for the wrongful acts committed by agents or employees while acting within the course and scope of their agency or employment

Front 9

Agency By Agreement

Back 9

Agency Relationship formed through express consent (Oral or Written) or implied by conduct

Front 10

Agency By Ratification

Back 10

Principle either by act or agreement ratifies the conduct of a person who is not agent

Front 11

Agency by Estoppel

Back 11

Principle causes a third person to believe that another person is the principle`s agent and the third person acts to his or her own determent in reasonable reliance on that belief

Front 12

Cooperation

Back 12

Principle has duty to cooperate with the agent and to assist the agent in performing his or her duties

Front 13

Fiduciary

Back 13

Person having a duty creating by his or her undertaking to act primarily for another benefit in matter connected with the undertaking

Front 14

Compensation

Back 14

When a principle request certain services from an agent the agent Reasonblity expects payment

Front 15

Accounting

Back 15

Agent has duty to keep and make available to the principle and account of all property and funds received and paid out on behalf of the principle

Front 16

Obedience

Back 16

When acting on behalf of the principle an agent has a duty to follow all lawful and clearly stated instructions of the principle

Front 17

Reimbursement & Indemnification

Back 17

When ever an agent disburses funds to fulfill a request of the principle or to pay for necessary expenses in the course of responsible performance of his or her agency duties the principle has the duty to reimburse the agent for these payments

Front 18

Performance

Back 18

In Contract law fulfillment of ones dusty arising under a contract with another. Normal way of Discharging ones contractual obligations

Front 19

Loyalty

Back 19

the agent has the duty to act solely for the benefit of his/her principle and not in the interest of the agent of a third party

Front 20

Notification

Back 20

Agent required to notify the principle of all matters that come to her or his attention concerning the subject matter of the agency

Front 21

Lien

Back 21

An encumbrance on property to satisfy a debt or protect a claim for payment of debt

Front 22

Mechanic Lien

Back 22

A person contracts for labor contracts or materials to be furnished for the purpose of making improvements on real property but does not immediately pay for improvement

Front 23

Artisan Lien

Back 23

Device created at common law through which a creditor can recover payment from a debtor for labor and material furnished in the repair of personal property

Front 24

Judicial Liens

Back 24

Debt is past due creditor can bring legal action against the debtor to collect the debt

Front 25

Writ of attatchment

Back 25

Court order, prior to ta trail to collect debt directing the sheriff or other officer to seize non exempt property of the debtor if the creditor prevails at trail, the seized property can be sold to satisfy the judgement

Front 26

Writ of Execution

Back 26

Court order after a judgment has been entered against the debtor directing the sheriff to seize and sell any of the debtors non exempt real or personal property proceeds use to payoff judgments accrued interest and cost of sell surplus goes to debtor

Front 27

Garnishment

Back 27

Permits a creditor to collect a debt by seizing property of the debtor that is held by the third party

Front 28

Suretyship

Back 28

Promise made by third person to be responsible for the debtors obligation

Front 29

Guaranty

Back 29

Person who agrees to satisfy the debt of another only after the principle debtor defaults guarantor liability is secondary

Front 30

Expressed Warranties

Back 30

A sellors or lessors oral or written promise ancillary to an underlying sales or lease agreement, as to the quality description or performance of the goods being sold or leased

Front 31

Implied warranties

Back 31

Law derives by implication or inference from the nature of the transaction or the relative situation or circumstances of the parties

Front 32

Implied Warranty of Merchantability

Back 32

Goods being sold or leased are reasonably fit for the ordinary purpose for which they are sold or leased are properly packaged and labeled and are of fair quality

Front 33

Merchantable Goods

Back 33

Must be reasonably for ordinary purposes for which such goods are used

Front 34

Implied Warranty of fitness for a particular purpose

Back 34

arises when any sellor or lessor (merchant or non merchant) Knows the particular purpose for which a buyer or lessee will use the goods and knows that the buyer or lessee is relying on the skill and judgement of the seller or lessor to select suitable goods