Agency Law

Question 1

Actual authority

Answer 1

is expressly granted or is implied by the duties you expect the agent to perform and is necessary to carry them out

Question 2

Implied authority

Answer 2

is expressly granted, it is implied that the agent has authority to carry out duties

Question 3

Apparent Authority (Ostensible)

Answer 3

based on 3rd partys perspective - believe agent has authority

Question 4

Terminating Agency/ Principle agreement

Answer 4

Both agent & principal agree to terminate
principal fires agent
agent fires principal
agent breaches contract

Question 5

How to terminate Apparent Authority

Answer 5

Let public know
let people or entities who previously interacted know
In case of death or incompetence of principal ALL authority is revoked

Question 6

Agency coupled with Interest

Answer 6

agent requires an ownership interest in agency

can only be terminated early by the agent

Question 7

Power of attorney

Answer 7

must be in writing
must be signed by person granting
ends on death

Question 8

Subrogation

Answer 8

Surety fully satisfies the obligation of the principal debtor to creditor and succeeds the creditors rights (steps into creditors shoes)