3.02 Agency Law Key Terms

Question	Answer
Agency Authority	-expressed and implied powers from an agent.
Agency by Agreement	-agency relationship that is created by oral or written contracts between an agent and prinicipal.
Agency by Estopel	-agency relationship that is created because of the prinicipal's action caused a third party to believe that an agency exists.
Agency by Ratification	-agency relationship that is created because the prinicpal approved of an agents unathorized action after the action takes place.
Agency by Statue	-agency relationship created by a state law.
Agency Law	-area of law dealing with working relationships between two parties.
Agent	-individual employed by a prinicipal to work with a third party.
Agent's Agent	-agent appointed by another agent without the knowledge of consent of the prinicipal.
Apparent Authority	-occurs when the powers of the agent is created by law/circumstance.
Co-Agents	-two or more agents working together.
General Agent	-agent that is given the authority to perform a variety of tasks.
Gratuitous Agent	-agent that works for no pay.
Partially Disclosed Agent	-agent that is given the authority to work with a third party but forbids to reveal the identity of a principal.
Principal	-indivdual who gives authority to an agent.
Special Agent	-agent that is given the authority to perform specific tasks.
Subagent	-agent appointed by another agent with the knowledge and consent of the principal.
Third Party	-person or company whom the agent deals with on behalf of the pri

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