Chapter 33

14 flashcardsby wowiepow
Study these flashcardsFree · spaced repetition · iPhone, Android, Mac & web

All cards

1
Express Authority
This is authority declared in clear, direct, and definite terms. It can be given orally or in writing.
2
Equal Dignity Rule
This requires that if the contract being executed is or must be in writing, then the agent's authority must also be in writing. Failure to comply can make a contract voidable at the option of the principal.
3
Power of Attorney
This is a written document and is usually notarized. It can be special (permitting the agent to perform specified acts only), or it can be general (permitting the agent to transact all business for the principal).
4
Notary Public
A person authorized to attest to the authenticity of signatures-signs, dates, and imprints the document with their seal of authority
5
Implied Authority
An agent has this to do what is reasonably necessary to carry out express authority and accomplish the objectives of the agency. This can also be by custom or inferred from the position the agent occupies.
6
Apparent Authority
This arises from what the principal causes a third party to believe. When the principal, by either word or action, causes a third party reasonably to believe that the agent has authority to act, even though the agent has no express or implied authority.
7
Ratification
This occurs when the principal affirms, or accepts responsibility for, an agent's unauthorized act. When this occurs, the principal is bound to the agent's act, and the act is treated as if it had been authorized by the principal from the outset. Can be either express or implied.
8
Disclosed Principal
A principal whose identity is known by the third party at the time the contract is made by the agent.
9
Partially Disclosed Principal
A principal whose identity is not known by the third party. Nevertheless, the third party knows that the agent is or may be acting for a principal at the time the contract is made.
10
Undisclosed Principal
A principal whose identity is totally unknown by the third party. In addition, the third party has no knowledge that the agent is acting in an agency capacity at the time the contract is made.
11
E-Agent
A semiautonomous software program that is capable of executing specific tasks, such as searching through many databases and retrieving relevant information for the user.
12
Respondeat Superior
A Latin term meaning "let the master respond". Under this doctrine, the principal-employer is liable for any harm caused to a third party by an agent-employee in the course or scope of employment.
13
Vicarious Liability
An indirect liability when the principal-employer is being held liable for torts committed by an agent-employee.
14
Agency Coupled with an Interest
Here, the agent has some legal right to (an interest in) the property that is the subject of the agency. This type of agency is not an agency in the usual sense because it is created for the agent's benefit instead of for the principal's benefit. Because of the agent's interest in the subject matter, the agency is irrevocable.
Study all 14 cards for free