Podcast
Questions and Answers
What is actual authority?
What is actual authority?
- An agency relationship created by state law
- An agent that works for free
- An agent appointed by another agent
- Express and implied powers of an agent (correct)
What is agency by agreement?
What is agency by agreement?
An agency relationship created by an oral or written contract between the agent and principal.
What is agency by estoppel?
What is agency by estoppel?
An agency relationship created because the principal's action caused a third party to believe that an agency relationship exists.
What is agency by ratification?
What is agency by ratification?
What is agency by statute?
What is agency by statute?
What is agency law?
What is agency law?
Who is an agent?
Who is an agent?
What is an agent's agent?
What is an agent's agent?
What is apparent authority?
What is apparent authority?
What are co-agents?
What are co-agents?
What is a general agent?
What is a general agent?
What is a gratuitous agent?
What is a gratuitous agent?
What is a partially disclosed agent?
What is a partially disclosed agent?
Who is the principal?
Who is the principal?
What is a special agent?
What is a special agent?
What is a sub-agent?
What is a sub-agent?
Who is a third party in agency law?
Who is a third party in agency law?
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Study Notes
Authority Types
- Actual Authority: Combines express and implied powers granted to an agent by the principal.
- Apparent Authority: Arises when an agent appears to have power, creating an impression of authority for third parties due to the principal's actions.
Agency Creation
- Agency by Agreement: An agency relationship established through a verbal or written contract between the principal and the agent.
- Agency by Estoppel: Formed when the principal's behavior misleads a third party into assuming an agency relationship exists.
- Agency by Ratification: Occurs when a principal formally accepts an agent's unauthorized action after it has taken place.
- Agency by Statute: Created through state laws that define certain agency relationships.
Agent Roles
- Agent: A person employed by the principal to act on their behalf, interacting with third parties.
- Special Agent: Granted specific authority to perform particular tasks on behalf of the principal.
- General Agent: Authorized to handle a broad range of responsibilities without needing each task's prior approval.
- Gratuitous Agent: Functions without receiving any form of compensation.
- Co-agents: Multiple agents working collaboratively for the same principal.
- Sub-agent: An agent who is appointed by another agent with the principal's knowledge and approval.
- Agent's Agent: Appointed by another agent without the principal's knowledge or consent.
Key Entities
- Principal: The individual or entity that empowers an agent to represent them.
- Third Party: The individual or business entity that the agent engages with on behalf of the principal.
Agency Law Overview
- Agency Law: Governs the relationships and responsibilities between principals and agents, defining rights, duties, and the scope of authority.
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