chapter 34 – Flashcards
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actual notice
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Notice of agency termination that is given by directly informing third parties, either orally or in writing.
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agency coupled with an interest
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An agency relationship that is created for the benefit of the agent, not the principal
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agent misrepresentation
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if an agent misrepresents himself or herself to a third party, the principal may be tortiously liable for the agent's misrepresentation.
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authorized acts
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These are acts within the scope of the agent's authority.
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classification of the principal
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The principal must be classified as either disclosed, partially disclosed, or undisclosed.
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constructive notice
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Notice of agency termination that is usually given by publishing an announcement in a newspaper.
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disclosed principal
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A principal whose identity is known to a third party. The third party is aware that the agent is making an agreement on behalf of the principal.
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durable power of attorney
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A document which specifies that an agent's authority is intended to continue beyond the principal's incapacitation.
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general power of attorney
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A type of express authority that allows an agent to conduct all business for the principal.
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partially disclosed principal
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A principal whose identity is not known by a third party, although the third party is aware that the agent is making an agreement on behalf of a principal. Also called unidentified principal.
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power of attorney
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A specific type of express authority that grants an agent specific powers.
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principal's tortious conduct
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The law holds a principal directly responsible for his or her own tortious conduct under two conditions: (1) The principal directs the agent to commit a tortious act, and (2) the principal fails to provide proper instruments or tools or adequate instructions.
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special power of attorney
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A type of express authority that allows an agent to act on behalf of the principal only in regard to specifically outlined acts.
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termination by operation of law
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The agency relationship may be terminated automatically due to death, insanity, bankruptcy, changed circumstances, change in law, impossibility, disloyalty of agent, or war.
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termination by acts of parties
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Termination may occur by lapse of time, fulfillment of purpose, occurrence of a specific event, mutual agreement by the parties, revocation of authority, or renunciation by the agent.
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undisclosed principal
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A principal whose existence is not known by a third party. That is, the third party does not know that an agent is acting on behalf of a principal.
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unidentified principal
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A principal whose identity is not known by a third party, although the third party is aware that the agent is making an agreement on behalf of a principal. Also called unidentified principal.
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unauthorized acts
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These acts go beyond the scope of the agent's authority.
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vicarious liability
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The liability or responsibility imposed on a person, a party, or an organization for damages caused by another; most commonly used in relation to employment, with the employer held vicariously liable for the damages caused by its employees.
