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18 Cards in this Set

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agency

relationship between two parties created by an implied or an express agreement or by law

principal

person who empowers another to enter into legal relationships in his or her behalf

Agent

one who is empowered to alter the legal relations of another

warranty of the principal's capacity

assumption of the law that the agent promisesthe third party that the principal has capacity

scope of authority

range of acts authoritized by the principal

express authority

comminicated directly by the principal to the agent

power of attorney

any writing that appoints someone as an agent

implied authority

the power to do anything that is reasonably nessesary or customary to carry out the duties expressly authorized

apparent authority

the authority that the principal with knowledge or through negligence prmits the agent to assume or which the principalholds the agent out as processing

ratification

approval of a previously unauthorized act or an act outside the agent's scope of authority

fiduciary duties

requires certain categories of person such as agents to subordinate their personal interests in order to act for the benefit of of another person

duty of loyalty

the agent may not secretly benefit from the agency's transaction

duty of obedience

the agent must carefully obey the instruction of the principal

duty of reasonable care and skill

requires the agent to excerise the degree of care and that a reasonably prudent person would use in a similar situation

duty of confideniality

requires agent to treat information about the principal with great caution

duty of accounting
it requires an agent to account to the principal for all money and property of the principal that comes into the agents possession

commingling

mixing funds or property of a fiduciary such as an agent with those of the person to whom the fiduciary duty is owed such as her or his client,employer,or principal

undisclosed principal

agent is not allowed to reveal the principal's existence or identity