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Flashcards in Agency: Types & Creation Deck (3)
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1

Agency:
Parties
Types

- two party relationship
Types
- Special Agent: single transaction or series of related transactions Ex) Real estate, executor of estate
- General Agent: conduct all necessary or personal business for principal Ex) restaurant owner hires manager
- Universal Agent: All acts that can be legally delegated
- Power of Attorney: formal written creation of agency relationship that lists authority granted
- Signed by Principal
- Generally construed narrowly
- Independent Contractor: acts on behalf of principal, but principal does not control and scope is limited (No liability to third parties)

2

Agency:
Creation of Express Agency Relationship

Express Agency: principal orally or in writing, delegates authority to another
- writing NOT required, unless Statute of Frauds
- contract must be in writing under statute of frauds
- cannot be completed within one year
- Can be a minor
- Consideration: can be with or without (if without can quit at any time)
- Accompanying Implied Authority
- when principle creates, agent holds authority given

3

Agency:
Apparent Agency

- agent does not have express authority, but appears to
- Lingering apparent authority (principle fires but agent continues to act as agent
- Agency by estoppel: agent acts as if another is an agent
- can ratify contracts when apparent agent does not have authority

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