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Agency Law
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Agency
A relationship where one party, the agent, is authorized to act on behalf of another party, the principal, in dealings with third parties.
Scope of Agency
The range of acts an agent is authorized to perform on behalf of the principal.
Apparent Authority
The appearance or assumption of authority based on the principal's behavior, which leads a third party to believe that the agent has authority.
Express Authority
Authority of an agent that is given explicitly by the principal through clear, direct orders or guidelines.
Agency by Necessity
An agency relationship created in an emergency situation, where the agent exceeds their authority in order to protect the principal's interests.
Principal
A person or entity who authorizes an agent to act on their behalf.
Fiduciary Duty
The duty of an agent to act in the best interests of the principal, with loyalty and care.
Implied Authority
Authority of an agent that is not explicitly granted but is necessary to carry out express authority.
Agency by Estoppel
When a person is prevented by their own acts or representations from denying an agency relationship.
Agency by Ratification
An agency relationship that is established after an agent acts on behalf of a principal without prior authorization, and the principal subsequently validates the act.
Termination of Agency
The end of an agency relationship, which can occur by act of the parties, operation of law, or by certain events.
Actual Authority
The power given to the agent by the principal, either orally or in writing, to perform acts on their behalf.
Agent
A person or entity who is authorized to act on behalf of a principal in dealings with third parties.
Disclosed Principal
The principal whose identity is known to the third party at the time the agent engages in a transaction.
Vicarious Liability
The legal responsibility of the principal for the acts of the agent performed within the scope of agency.
Undisclosed Principal
The principal whose identity is not known by the third party at the time the agent makes a contract with the third party.
Independent Contractor
An individual or entity that is contracted to perform work or provide services for another entity as a non-employee.
Partially Disclosed Principal
A principal whose existence is known to the third party, but their identity is not revealed.
Ratification
The principal's approval or adoption of an agent's unauthorized act.
Duties of an Agent
The responsibilities of an agent towards the principal, which typically include the duties of loyalty, obedience, diligence, and to inform.
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