ch 23 vocab Flashcards
Relationship between two parties in which one party (agent) agrees to represent or act for the other (principle)
Agency
As a noun, a person having a duty created by his/her undertaking to act primarily for anothers benefit in matters connected with the undertaking. As adjective, relationship founded on trust and confidence.
Fiduciary
One who works for, and receives payment from, an employer but whose working conditions and methods are not controlled by employer. IC is NOT an employee but may be an agent.
Independent Contractor
.Act of accepting and giving legal force to an obligation that previously was NOT enforceable.
Ratification
In most states, a rule stating that express authority given to an agent must be in writing if the contract to be made on behalf of the principal is REQUIRED to be in writing.
Equal Dignity Rule
Written Document, usually notarized, authorizing another to act as ones agent; can be special (permit agent to specified acts only) or general (permit agent to transact all business for principal)
Power Of Attorney
Public official authorized to attest (provide or serve as clear evidence of) to authenticity of signatures.
Notary Public
Authority that is ONLY apparent, not real. In agency law, a person may be deemed to have had power to act as an agent for another party if the other partys manifestation to a 3rd party led the 3rd party to believe that agency existed when, in fact, it did not.
Apparent Authority
Principal whose identity is KNOWN to a 3rd party at the time the agent makes a contract with the 3rd party.
Disclosed Principal
Principal whose identity is UNKNOWN by a 3rd party, but 3rd party knows agent is or may be acting for principal at the time agent and the 3rd party form a contract.
Partially Disclosed Principal
Principal whose identity is UNKNOWN by a 3rd person and the 3rd person has no knowledge that the agent is acting for a principal at the time the agent and 3rd person from a contract.
Undisclosed Principal
Legal responsibility placed on one person for acts of another; indirect liability imposed on supervisory party (like an employer) for actions of a subordinate (like an employee) b/c of the relationship between two parties.
Vicarious Liability
Latin for “ let the master respond.” Doctrine under which a principal/employer is held liable for wrongful acts committed by agents/employees while acting w/in the course and scope of their agency/employment
Respondeat Superior
Computer program that by electronic or other automated means can independently initiate an action or respond to electronic messages/data w/out review by an individual.
E-Agent
