Agency - DEFINITIONS Flashcards
Agency is
a FIDUCIARY RELATIONSHIP,
between a PRINCIPAL and AGENT, where the agent ACTS on the principal’s behalf, and SUBJECT to the principal’s control
A PRINCIPAL is
a person who MANIFESTS an INTENTION that another ACT on his behalf
An AGENT is
a person who ACTS on a principals BEHALF
A SUBAGENT is
a person ENTITLED to do work for the original AGENT in the agency relationship
A SPECIAL AGENT is
an agent EMPLOYED by the PRINCIPAL specifically for ONE TRANSACTION (so, a consultant?)
A GRATUITOUS AGENT is
an agent who AGREES to perform all the DUTIES of an agent WITHOUT COMPENSATION
ACTUAL AUTHORITY is
authority that the agent REASONABLY BELIEVES he POSSESSES, based on his DEALINGS with the principal
IMPLIED AUTHORITY is
authority the agent REASONABLY BELIEVES he has, a result of the ACTIONS of the principal
RESPONDEAT SUPERIOR is
a DOCTRINE that imposes VICARIOUS LIABILITY on a PRINCIPAL for the TORTS his AGENT commits IN THE COURSE OF THE AGENCY
A DISCLOSED PRINCIPAL is
a principal whose IDENTITY and AUTHORITY are known to the THIRD PARTY at the TIME OF TRANSACTION.
An UNDISCLOSED PRINCIPAL is
a principle whose EXISTENCE and IDENTITY are UNKNOWN to the THIRD PARTY at the time of transaction.
A PARTIALLY DISCLOSED PRINCIPAL is
a principal whose EXISTENCE, but NOT identity, are known to the third party.
