Agency Flashcards
an agent
acts in the name of their principal
the principal is
bound by the acts of the agent
the principal gives
their agent a power of attorney, and the agent is then authorized to conclude business with third party on behalf of the principal
types of agency
transactional
declared by law, such as parents
certain governing representatives of companies such as managing directors
prerequisites for agency
power of attorney
disclosure
legal capacity of the agent
certain highly personal actions cannot be taken on behalf of an agent
engagement and marriage
last will and testament
living will, health care proxy
end of agency agreement
revocation time limitation fulfillment of certain conditions conclusion of business transaction death
prokura
statuary commercial representation, which is protected by the law
cannot be restricted
a prokurist
can represent the company and can execute every kind of transaction associated with a commercial enterprise
are entitled to execute transactions outside the branch they are in
transaction concluded by Prokurist are binding
exceptions of prokura
not authorized to sell or encumber real property unless they are expressly authorized to do so
certain fundamental transactions are outside its scope
transaction that must bee performed by the shareholder personally
individual prokura
holder has sole powers of representation
jointly prokura
the holder only has powers of representation jointly with another one ore with managing director
granting prokura
only properties of commercial business or their legal reprenstative are entitled to grant prokura
holder cannot grant
registered in commercial register
disclosure of prokura
holders must make it very clear thatchy have powers of attorney - done by adding the supplement ppa to the signature
