Chapter 23 Flashcards Preview

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Flashcards in Chapter 23 Deck (12):
1

A relationship between two parties n which one party (the agent) agrees to represent or act for the other (the principal)

Agency

2

as a noun, a person having a duty created by his or her undertaking to act primarily for another's benefit in matters connected with the undertaking. As an adjective, a relationship founded on trust and confidence

Fiduciary

3

a party's act of accepting or giving legal force to a contract or other obligation entered into by another that previously was not enforceable

Notification

4

authorization for another to act as one's agent or attorney in either specified circumstances (special) or in all situations (general)

Power of Attorney

5

a public official authorized to attest to the authenticity of signatures

Notary Public

6

a rule requiring that an agent's authority be in writing if the contract to be made on behalf of the principal must be in writing

Equal Dignity Rule

7

authority that is only apparent, not real. An agent's apparent authority arises when the principal causes a third party to believe that the agent has authority, even though she or he does not.

Apparent Authority

8

a principal whose identity is known to a third party at the time the agent makes a contract with the third party

Disclosed Principal

9

a principal whose identity is unknown by a third party, but the third party knows that the agent is or may be acting for a principal at the time the agent and the third party form a contract

Partially Disclosed Principal

10

a principal whose identity is unknown by a third party, and that person has no knowledge that the agent is acting for a principal at the time the agent and the third party form a contract

Undisclosed Principal

11

doctrine under which a principal or an employer is held liable for the wrongful acts committed by agents or employees while acting within the course and scope of their agency or employment

Respondeat Superior

12

indirect liability imposed on a supervisory party for the actions of a subordinate because of the relationship between the two parties

vicarious liability