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