Bus Law Chapters 37 & 38

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Business Law Two Quiz (Chapters 37, 38)

Agency

Relationship that exists between a person identified as a principal and another by virtue of which the latter may make contracts with third persons on behalf of the principal (Parties: Principal, Agent, Third Person)

Agent

Person or firm who is authorized by the principal or by operation of law to make contracts with third persons on behalf of the principal

Principal

Person or firm who employs an agent; person who, with respect to a surety, is primarily liable to the third person or creditor; property held in trust.

Independent Contractor

Contractor who undertakes to perform a specified task according to the terms of a contract but over whom the other contracting party has no control except as provided for by the contract

Special Agent

Agent authorized to transact a specific transaction or to do a specific act

General Agent

Agent authorized by the principal to transact all affairs in connection with a particular type of business or trade or to transact all business at a certain place

Universal Agent

Agent authorized by the principal to do all acts that can lawfully be delegated to a representative

Interest in the authority

Form of agency in which an agent has been given or paid for the right to exercise authority

Interest in the subject matter

Form of agency in which an agent is given an interest in the property with which that agent is dealing

Express Authorization

Authorization of an agent to perform a certain act

Power of Attorney

Written authorization to an agent by the principal

Attorney In Fact

Agent authorized to act for another under a power attorney

Incidental Authority

Authority of an agent that is reasonably necessary to execute express authority

Customary Authority

Authority of an agent to do any act that, according to the custom of the community, usually accompanies the transaction for which the agent is authorized to act

Apparent Authority

Appearance of authority created by the principal's words or conduct

Disclosed Principal

Principal whose identity is made known by the agent as well as the fact that the agent is acting on the principal's behalf

Partially Disclosed Principal

Principal whose existence is made known but whose identity is not

Undisclosed principal

Principal on whose behalf an agent acts without disclosing to the third person the fact of agency or the identity of the principal

Vicarious Liability

Imposing liability for the fault of another

Respondeat Superior

Doctrine that the principal or employer is vicariously liable for the unauthorized torts committed by an agent or employee while acting within the scope of the agency or the course of the employment, respectively.

Soliciting Agent

Salesperson

Contracting Agent

Agent with authority to make contracts; person with whom the buyer deals

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