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18 Cards in this Set
- Front
- Back
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Agency |
A relationship between two parties created by an implied or an express agreement or byla |
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Principal |
The person who so empowers another to enter into legal relationships in his or her behalf |
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Agent |
The party that is empowered |
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Warranty of the Principals |
A general consequences of this potential for avoidance |
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Scope of authority |
An agent must act withing the granted in order to bind the principal |
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Express authority |
A communicated directly by the principle to the agent |
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Power of authority |
Any writing that appoints someone as an agent |
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Implied authority |
The power to do anything that is reasonably necessary or customary out the duties expressly authorized |
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Apparent Authority |
The authority that the principle holds the agent to assume |
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Ratification |
An act outside the agents scope of authority |
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Fiduciary duties |
They require certain categories of persons such as agents, for their interests in order to act for the benefits of another. |
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Duty of Loyalty |
The agent may not secretly benefit from the agency transaction |
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Duty Of Obedience |
The agent must carefully obey the instructions of the principal. |
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Duty of reasonable care & skills |
The representing of ones principal an agent must satisfy
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Duty of confidential |
Information that is meant to be confidential is confidential |
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Duty of accounting |
Requires an agent to account to the principal for all money and property of the property of the principal |
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Commingling |
The duty of accounting prohibits the agent from commingling |
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Undisclosed Principal |
Agent is liable on a contract entered into in under circumstances. |
