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24 Cards in this Set

  • Front
  • Back
agency
the service an agent performs on behalf of a principal
agency agreement
an agreement creating and agency relationship between principal and agent
power of attorney
an agency agreement in writing and under seal
actual authority
authority given to agent expressly or by implication
express authority
the authority of the agent as actually stated by the principal
implied authority
the authority of the agent as implied from surrounding circumstances, such as the position or title given
apparent authority
authority as suggested to third party by conduct of principal; may exist even when there is no actual authority
estoppel
an equitable remedy that stops a party from trying to establish a position or deny something that, if allowed, would create an injustice
promissory estoppel
the principle that when a gratuitous promise to do something in the future causes a person who relies on that promise to incur an expense, the promisor will not be allowed to enforce other contractual rights that are inconstant with that promise. also known as equitable estoppel
agency by necessity
consent to act as an agent, which is implied when there is an urgent reason
delegation
entrusting someone else to act in ones place; an agent normally cannot turn his responsibilities over to someone else
full disclosure
obligation to reveal all details of a transaction
undisclosed principal
a principal whose identity is concealed from the third parties with whom the agent is dealing; the rights and obligations of the parties depend on whether the agent makes it clear that he is representing an undisclosed principal rather than operating on his own behalf
enduring power of attorney
the power to act as the donors trustee or representative following the donors lack of capacity
sole proprietorship
an individual carrying on business alone
partnership
ownership and responsibilities of a business shared by two or more people, with a view toward profit
corporation
a business organization that is a separate legal entity from its shareholders
non-profit society
separate legal entity with different rules for incorporation than corporations
holding corporation
a corporation that owns shares in other corporations
joint venture
the collaboration of several businesses to accomplish a major project
unlimited liability
the liability of the business owner or partners for all debts incurred by the business to the extent of their personal resources
joint liable
all parties must be sued together; partners may face join liability for debts of the firm
severally liable
under several liabilities, each partner can be sued separately
limited partnerships
a partnership with general and limited partners; limited partners are liable only to the extent of their investment