Law Of Agency Flashcards
What is an agancy
The fiduciary relationship between a principal and an agent
Does the principle agent relationship have to be consentual
No it can be ordered by law
Which is the essential legal characteristic of an agent
That the agent has the legal power to alter the principles legal relationships with third parties
What is the power liability relation between principles and agents
That principles are liable to have their legal relations altered by the agent. The agents actions in the principles name are recognized as the principles actions by law
How can a principle limit the agents power
By all means that they may limit themselves in law
What is the difference between power and authority in law
Power is the concept of the ability ti change legal relations while authority dimply means permissions from the original source if that power
