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13 Cards in this Set
- Front
- Back
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General agent |
Person authorized to assume complete charge to his or her principals business or who is entrusted with general authority to act for the principal in all business-related matters |
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Special agent |
A person delegated to act only in a particular transaction, under definite instructions, and with specific limits on the scope of his or her authority po |
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Power of attorney |
An instrument in writing by which one person, as principal, appoints another person as agent and confers the authority to perform certain specified acts on behalf of the principal |
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Attorney in fact |
The person appointed as an agent when the power of attorney is exercised |
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Durable power of attorney |
A document that appoints an individual as an agent with the authority to make healthcare decisions on behalf of the principal in the event that the principal becomes incompetent |
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Agency by Ratification |
An agency that results when a principal approves an unauthorized act performed by an agent or approved an act done in the principal’s name by an unauthorized person |
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Agency by necessity |
An agency that is created when circumstances make such an agent necessary |
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Agency by operation of law |
An agency that is created when a court find the need for an agency to achieve a desired policy |
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Express authority |
An agents authority that the principal voluntarily and specifically sets forth as oral or written instructions in agency agreement |
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Implied authority |
The authority an agent reasonably assumes he or she has that related to the express authority granted by the principal |
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Apparent authority |
The authority that a third party may reasonably assume an agent posses, despite the fact that the agent does not actually possess such authority |
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Gratuitous agent |
One who acts on behalf of a principal without being paid |
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Irrevocable agency |
An agency contract that cannot be terminated by a principal in which the agent has an interest in the subject matter of the agency in addition to the remuneration that he or she receives for services |
