Business Law - Agency Law

Front 1

A fiduciary relationship between two persons in which one (the agent) acts on behalf of, and is subject to the control of, the other (the principal).

Back 1

Agency

Front 2

One in which the principal gives the agent expression or actual authority to act on the former's behalf

Back 2

Principal-agent relationship

Front 3

Authority that arises from specific statements made by the principal (employer) to the agent (employee).

Back 3

Expressed Authority

Front 4

Includes expressed authority as well as implied authority, or that authority customarily given to an agent in an industry, trade, or profession.

Back 4

Actual Authority

Front 5

Legal doctrine imposing liability on a principal for torts committed by an agent who is employed by the principal and subject to the principal's control

Back 5

Respondeat superior

Front 6

One in which an agent (employee) who works for pay and is subject to the control of the principal (employer) may enter into contractual relationships on the latter's behalf

Back 6

Employer-employee relationship.

Front 7

One in which the agent is hired by the principal (employer) to do a specific job but is not controlled with respect to physical conduct or details of work performance

Back 7

Employer-Independent Contractor Relationship

Front 8

Agency relationship formed through oral or written agreement.

Back 8

Expressed agency (agency by agreement).

Front 9

An agency agreement used to give an agent authority to sign legal documents on behalf of the principal.

Back 9

Power of attorney

Front 10

Agency relationship in which customs and circumstances, rather than a detailed formal agreement, determine the agent's authority.

Back 10

Agency by Implied Authority

Front 11

Agency relationship in which an unauthorized agent commits the principal to an agreement and the principal later accepts the unauthorized agreement, thus ratifying the agency relationship.

Back 11

Agency by Ratification

Front 12

A legal bar to either alleging or denying a fact because of one's own previous words or actions to the contrary

Back 12

Estoppel

Front 13

An agency relationship in which the principal is estopped from denying that someone is the principal's agent after leading a third party to believe the person is an agent.

Back 13

Agency by estoppel (apparent authority)

Front 14

Agent's compensation that consists of a percentage of the amount the agent secured for the principal in a business transaction.

Back 14

Contingency Fee

Front 15

Obligation of the principal to reimburse the agent for any losses the agent incurs while acting on the principal's behalf.

Back 15

Indemnity

Front 16

One whose identity is known by the third party when the latter enters into an agreement negotiated by the agent.

Back 16

Disclosed Principal

Front 17

One whose identity is not known to the third party at the time of the agreement, though the third party does know the agent represents a principal.

Back 17

Partially Disclosed principal

Front 18

one whose identity and existence are both unknown to the third party.

Back 18

Undisclosed Principal

Front 19

the legal principle that makes two or more people liable for a judgement,either as individuals or in any proportional combination. under this principle, a person who is partially responsible for a tort can end up being completely liable for damages.

Back 19

Joint/Several Liability