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14 Cards in this Set
- Front
- Back
Agency
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relationship taht exists between a poerson identified as a principal and antoher by virture of wich the latter may make contracts with third persons on behalf of the principal
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agent
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person or firm wh ois authorized by the princiapal or by operation of law to make contracts with thrid persons on behalf of the principal
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independent contractor
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contractor who undertakes to perform a specified task according to the terms of a contract but over whom the other contracting pary has no control except as provided for by the contract
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special agent
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agent authorized to transact a specific transaction or to do a specific act
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general agent
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agent authorzied by the principal to transact all affairs in connection with a particular type of business or trade or to transact all business at a certain place
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universal agent
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agent authorized by the principal to do all acts that can lawfully be delegated to a representative
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interst in the authority
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form of agency in which an agent has been given or paid for the righ to exercise authority
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interest in the subject matter
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form of agencey in which an agent is given an interwst in the peroperty with which that agent is dealing
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express authorization
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authorization of an agent to perform a certain act
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power of attorney
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written authization to an agent by the principal
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attorney in fact
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agen authorized to act for another under a power of attorney
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incidental authority
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authority of an agent tha tis reasonably necessar to execute express authority
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customoary authority
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authority of an agent to do any act athat according to the custom of the community usually accompanaes th transacrino for wich the agent is authorized to act
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apparent authority
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appearance of authority created by the principal's words or conduct
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