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11 Cards in this Set
- Front
- Back
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How agency relationships are formed
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Agency by agreement, Agency by ratification, Agency by estoppel, Agency by operation of law
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Agents five Duties to the Principal
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Performance, Notification, loyalty, obedience, and accounting
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Principal's four duties to the agent
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compensation, reimbursement and indemnification, cooperation, and safe working conditions
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express authority
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authority declared in clear, direct, and definite terms.
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equal dignity rule
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if the contract being executed is or must be in writing, then the agents authority must also be in writing.
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implied authority
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an agent has the implied authority to do what is reasonably necessary to carry out express authority and accomplish the objectives of the agency
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apparent authority
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when the principal, through either words or actions, causes a third party to reasonably believe that an agent has authority to act, even though the agent has no express or implied authority
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respondeat superior
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principal can be held indirectly responsible for an agents negligence
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revocation
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agency relationship terminated by the principal
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renunciation
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agency relationship terminated by the agent
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agency coupled with an interest
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agency created for the agents benefit.
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