Agency A: Terms Flashcards
Agency
A relationship between two parties wherein the principal hires another person to represent him or her
Agency by Estoppel
The principal seeks to deny an agency relationship, but the court stops him from denying the agency, and thereby confirms it
Agency by Ratification
The agency is created by implication, or actions, and the principal approves it by agreeing after the agency service has been performed to compensate the agent
Agency by Statute
The law has given rise to the agency, such as a Sheriff appointed by the court to be the agent of the owner in a foreclosure sale
Agent
The person hired by a principal to act for and in behalf of, or to represent the principal, always acting in the principal’s best interest
Attorney In Fact
A person who has been given power to sig in behalf of another
Caveat Emptor
The philosophy that says “Let the buyer beware.”
Designated Agency
The principal (buyer or seller) who is hiring an agent specifies exactly which person(s) will act as agent or subagent and exercise fiduciary care in representing the principal’s best interest.
Dual Agent (Limite Agent)
When the agent is representing both principals in a transaction with their informed consent. (Also known as a limited agent.)
Express Agency
Agency created through words, written or oral, between the principal and the agent, such as a listing agreement.
Fully Disclosed Principal
The “other party” knows there is a principal, knows who it is, and that there is an agent.
General Agent
An agent hired by contract to use the agent’s expertise to fulfill the objectives of the principal
Ostensible Agency/ Implied Agency
Agency which is created through the actions of the parties, rather than through an express agreement.
Partially Disclosed Principal
the “other party” knows who the agent is, knows there is a principal, but is not told who the principal is.
Power of Attorney
What an attorney-in-fact holds which authorizes actions in behalf of another person, including signature authority.
