Terms : Hide Images
| 13447054085 | Agency | -one person is authorized to act behalf of another person -agency law is generally common law | 0 | |
| 13447068256 | Parties in Agency | Principal and Agent | 1 | |
| 13447071733 | Principal | The party who employs, engages, empowers another person to act on his/her behalf | 2 | |
| 13447081846 | Agent | The party employed, engaged, empowered to act on behalf of another person | 3 | |
| 13447088870 | Agency Relationships | -have metal consent -delegation of the power to act on the principals behalf. | 4 | |
| 13447099086 | Express Agency | Agency relationship that is formed by an expressed agreement between the parties. This agreement sets explicit limits on the power of the agent EX: power of attorney | 5 | |
| 13447116576 | Implied Agency | -Agency relationship which is implied from the conduct of the parties -The limits of the agents powers are based on the facts and circumstances of the relationship | 6 | |
| 13447129620 | Apparent Agency | an agency relationship formed when the principal creates the appearance that an agency exists when one does not actually exisst | 7 | |
| 13447144177 | Agency by Ratification | agency cerated when one person holds him/her self out as an agent of another party when he/she is not and the purported principal accepts the unauthorized act | 8 | |
| 13447162517 | Duty to compensate | -the principal must pay the agent for the services provided -duties owned by principal | 9 | |
| 13447169463 | Duty to Reimburse | -the principal must reimburse the agent for expenses incurred if the expenses were 1. authorized by the principal 2. within the scope of the agency 3. necessary to discharge the agents duties -duties owned by principal | 10 | |
| 13447191228 | duty to idemnify | -the principal must repay the agent for losses suffered because of the principals conduct -duties owned by principal | 11 | |
| 13447199588 | Duty to Cooperate | -the principal must cooperate with the agent in the performance of the agents duties -duties owned by principal | 12 | |
| 13447224548 | duty to perform | -the agent must perform his duties pursuant to the agency relationship with reasonable care and skill -duties owned by agent | 13 | |
| 13480159406 | Duty to notify | -the agent must keep the principal informed about important concerning the agency relationship -duties owned by agent | 14 | |
| 13480169255 | duty to account | -the agent must maintain accurate records of all transactions undertaken on the principals behalf and account to the principal for all transactions -duties owned by agent | 15 | |
| 13480177654 | duty of loyalty | -the agent must act solely in the interests of the principal in agency related matters, the duty prohibits self-dealing -duties owned by agent | 16 | |
| 13480190775 | Tort Liability | the principal is liable for the tortious acts of the agent if the tortious act is committed within the scope of his/her authority | 17 | |
| 13480198594 | respondent superior | the employer or principal is liable fo the tort act of the employees or agents | 18 | |
| 13480205649 | Misrepresentations | the principal is liable for intentional or innocent misrepresentations made by and agent within the scope of his or her authority | 19 | |
| 13480217241 | Contract Liability | -principal Is liable for a contract executed by an agent acting within the scope of their authority -a principal is not liable for a contract where the agent exceeded the scope of their authority -agent must be liable for a contract her or she executed depending if it was fully, partially, or undisclosed | 20 |
