a representative of the principal and can bind the principal to third parties in contracts and in tort law
The authority an agent seems to have, judged by the words or actions of the person who gave the authority or by the agent's own words or actions.
a contract in which a return promise is required since both parties are promisors "promise for a promise"
occurs when the performance is within the bounds of reasonable expectations
An event that must occur at the same time as another condition in a contract
An event that, if it occurs, discharges a duty of performance in a contract
something given up in return for the promise of the other party to the contract
an offer made by someone who has rejected a prior offer
also called promissory estoppel
The legal avoidance, or setting aside, of a contractual obligation.
when someone forces another person to enter into a contract against his or her will.
A contract that has been completely performed by both parties.
A contract that has not as yet been fully performed.
a contract where the terms of the agreement are fully and explicitly stated in words or oral. An example is a signed lease.
Authority that arises from specific statements made by the principal (employer) to the agent (employee)
the legal duty of a fiduciary to act in the best interests of the beneficiary
misrepresentations of fact that are consciously intended to mislead another. the elements are 1) a misrepresentation has occurred 2) there has been an attempt to deceive 3) the innocent party has justifiably relied on the misrepresentation and 4) the innocent party has been injured
an expression cloaked in promissory terms that does not actually involve a commitment by the promisor
Conferred by custom, inferred, or implied as reasonably necessary to carry out express authority.
implied by fact contract
a contract that is implied from the conduct of the parties. for example, when one takes a seat in the barber chair it is ____ that he or she is bargaining for a haircut