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10 Cards in this Set
- Front
- Back
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Actual authority
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The authority a principal expressly or implicitly gives to an agent in an agency relationship. This authority may be written, spoken, or derived from the circumstances of the relationship.
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Agent
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The person who on behalf of a principal deals with a third party.
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Alter-ego theory
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One method used by courts to pierce the corporate veil when a shareholder fails to treat the corporate organization as a separate legal entity.
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Apparent authority
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The authority that a third party in an agency relationship perceives to exist between the principal and the agent. In fact, no actual authority does exist. Sometimes also called ostensible authority.
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Articles of organization
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The document used to create a limited liability company. Its purpose corresponds to the purpose of the articles of partnership and the articles of incorporation.
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Actual authority
|
The authority a principal expressly or implicitly gives to an agent in an agency relationship. This authority may be written, spoken, or derived from the circumstances of the relationship.
|
|
|
Agent
|
The person who on behalf of a principal deals with a third party.
|
|
|
Alter-ego theory
|
One method used by courts to pierce the corporate veil when a shareholder fails to treat the corporate organization as a separate legal entity.
|
|
|
Apparent authority
|
The authority that a third party in an agency relationship perceives to exist between the principal and the agent. In fact, no actual authority does exist. Sometimes also called ostensible authority.
|
|
|
Articles of organization
|
The document used to create a limited liability company. Its purpose corresponds to the purpose of the articles of partnership and the articles of incorporation.
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