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18 Cards in this Set
- Front
- Back
agency
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a relationship between two parties created by an implied or an express agreement or by law,that empowers one of the paarties by word or action to ilegally bind the other
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principal
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one who authorizes another to enter into legal relationships in his or her behalf |
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agent |
one who is empowered to alterthe legal relations of another
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warranty of the prinipals capacity
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assumption of the law that the agent promises the third party that the principal has capacity
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scope of authority
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in employment law range or contractual acts an organization has authorized an employee to do in agency range of contractual authorized by the principal
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express authority
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agency authority directly communicated by the principal to the agent
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power of attorney
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any writing that appoints someone as an agent
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implied authority
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agency authority that is implied from the grant of express authority or because of an emergency
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apparent authority
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the authority that the principal with knowledge or through negligence permits the agent to assume or which the principal holds the agent cut as passessing
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ratification
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acting toward the contract as though one intends to be bound by it; principals assent to unauthorized acts of an agent
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fiduciary duties
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legal requirement for certain categories of persons,such as agents,to subordinate their personal interests in order to act fort the benefit of another person
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duty of obedience
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requies employee to follow the reasonable orders and rules of the employe;requires agent to carefully obey the instructions of the prinicipal
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duty of reasonable care and skill
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requires agent to excicise the degree of care and skill any reasonably erudent person would use in a similar |
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duty of confidentiality
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requires agent to treat infirmation about the princiable very carefully
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duty of accounting
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requires agent to account to the money for all money and property of the principal thar comes into the agent's possession
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commingling
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mixing the money of the agent and the principal togeter
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undisclosed pincipal
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principal whose identity is kept secret from the third party by the agent
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duty of loyality
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agent may not secretly benefit from the agent transaction
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