Vocabulary Flashcards
One who represents the principal in dealings with third parties.
Agent
The _______ agent represents a principal in a particular business or specified range of ongoing business matters.
general
The ________ agent represents a principal in all matters that can be delegated by a principal to an agent.
universal
The _________ agent has limited and specific authority, usually to represent a principal in a single transaction.
special
Another method used to appoint an agent is a legal document known as a
Power of Attorney
A ___-_____ is an agent of the agent for the principal.
sub-agent
A ____ _____ _____ is an agent of their principal broker and a sub-agent of the principal broker’s client.
real estate broker
A ____ party is a person an agent deals with as a representative of the principal.
third
An _________ agency can be created by either intentional or unintentional implication. Implication means that the parties act as if they are in an agency agreement.
Implied
What is a document guaranteeing the payment of money, such as a promissory note given by a borrower to a lender to guarantee the repayment of a home loan?
A negotiable Instrument
______ ____is the body of rules consisting of common law and statutory law that regulate the formation, interpretation, and enforcement of promises.
Contract Law
______ ____ is the term used to define written laws, usually enacted by a legislative body.
Statutory Law
______ ______ ___ is the collection of legal concepts that the colonists brought with them to North America from England.
English common law
_________ _________ is demonstrated by the offeror making the offer and the offeree accepting the offer; it’s a clear and unequivocal offer and acceptance with an underlying meeting of the minds.
Mutual assent
________ must be present in every contract and can be an exchange of money, services, promises, negotiable instruments, personal property, the grants of rights, or the forbearance to act.
Consideration
a purposeful misstatement of a material fact that is designed intentionally to deceive.
Intentional Misrepresentation
a purposeful concealment of a material fact.
Intentional Concealment