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Bus Law Chapters 37 & 38

Business Law Two Quiz (Chapters 37, 38)
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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