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14 Cards in this Set

  • Front
  • Back
relationship taht exists between a poerson identified as a principal and antoher by virture of wich the latter may make contracts with third persons on behalf of the principal
person or firm wh ois authorized by the princiapal or by operation of law to make contracts with thrid persons on behalf of the principal
independent contractor
contractor who undertakes to perform a specified task according to the terms of a contract but over whom the other contracting pary has no control except as provided for by the contract
special agent
agent authorized to transact a specific transaction or to do a specific act
general agent
agent authorzied by the principal to transact all affairs in connection with a particular type of business or trade or to transact all business at a certain place
universal agent
agent authorized by the principal to do all acts that can lawfully be delegated to a representative
interst in the authority
form of agency in which an agent has been given or paid for the righ to exercise authority
interest in the subject matter
form of agencey in which an agent is given an interwst in the peroperty with which that agent is dealing
express authorization
authorization of an agent to perform a certain act
power of attorney
written authization to an agent by the principal
attorney in fact
agen authorized to act for another under a power of attorney
incidental authority
authority of an agent tha tis reasonably necessar to execute express authority
customoary authority
authority of an agent to do any act athat according to the custom of the community usually accompanaes th transacrino for wich the agent is authorized to act
apparent authority
appearance of authority created by the principal's words or conduct