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10 Cards in this Set

  • Front
  • Back
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.
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.