Quiz 8 - Test 2 Flashcards
Agent
One who acts on behalf of another
Principal
The party for whom the agent is acting
Express Authority
Authority that is given by words or by action.
Implied Authority
Authority that is not expressed in words but rather by actions or the surrounding circumstances.
Equal Dignity Rule
If the statute of frauds requires a contract be in writing then the agency agreement concerning that contract must also be in writing.
Undisclosed Principal
The third party is unaware that an agency relationship exists.
Agency Coupled with an Interest
The agent has a financial or personal stake in the outcome of the agency relationship.
Agency by Estoppel
The principal is estopped (prohibited)from denying the existence or the liability of an agency agreement.
Third Party Beneficiary
A person that is not a party to a contract by benefits from the contract.
Incidental Beneficiary
A third party beneficiary that acquires not rights under the contract. They cannot sue on the contract.
Intended Beneficiary
A third party beneficiary that is intended to benefit from the contract and acquires rights under the contract.
Privity
having a relationship to the issue or contract at hand
Assign/Assignment
The transfer of a right or property interest either by sale, donation, or other means of disposition.
Delegate/Delegation
The transfer of a duty or an obligation to another party.
Assignor
the party that transfers a property interest or right to another.
