| Term | Definition |
|---|
| general agent | An agent who is authorized to transact all the business of his principal is a |
| special agent | An agent who is employed to act in a single transaction is a |
| mutual consent | Essential in the creation of a principal-agent relationship |
| power | To terminate an agency relationship, both the principal and the agent have the |
| right | To do so they have limited |
| within the scope of his authority | Knowledge of the agent is imputed to be knowledge of the principal, provided the agent is acting |
| public or political corporation | A corporation created by the state for political purposes is a |
| private corporation | A corporation created that is created by individuals and has not governmental powers of functions is a |
| promoter | Undertakes to form a corporation |
| separate | A corporation has an existence from that of its members but |
| board of directors | The management of a corporation is governed by a |
| receiver | A person appointed by the court to carry on the business affairs of a corporation |
| plenipotentiary | A person who is vested with full power to transact business |
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