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18 Cards in this Set

  • Front
  • Back

agency

relationship between two parties created by an implied or an express agreement or by law

principal

person who so empowers one to enter into legal relatioship

agent

party empowered

warranty of principals

imposed by law on the agent

scope of authority

range of acts authorized by principal

express authority

communicated directly by the principal to the agent

power of attorney

writing that appoints someone as agent

implied authority

power to do anything that is reasonably necessary to carry out the duties expressly authorized

apparent authority

authority that the principal, with knowledge or through negligence, permits agent to assume

ratification

act outside the agents scope of authority

fiducary duties

requires certain categories of persons, to subordinate their personal interest in order to act for the benefit of another person

duty of loyalty

means an agent may not secretly benefit from agency transaction

duty of obedience

agent must carefully obey this instruction of principal

duty of reasonable care and skill

exercise the degree of care and skill that a reasonably prudent person would use

duty of confidentiality

treat information about the principal with great caution

duty of accounting

to count to the principal for all money and property of the principal that comes into agents possesion

commingling

mixing the funds or property of a fiduciary

undisclosed principal

agent liable on contract entered into under such circumstances