Chapter 33 Agency Liability Flashcards
Failure to comply with equal dignity rule…
Voidable at the option of the principal
Notary public
A person authorized to attest to the authenticity of signature
Notarized document
When a notary public signs, dates, and imprints the document with her or his seal of authority
Implied authority
An agent has the implied authority to do what is reasonably necessary to carry out express authority and accomplish the objectives of the agency
Apparent authority
An agent has apparent authority when the principal, by either word or action, causes a third party reasonably to believe that the agent has authority to act
Emergency power
When an unforeseen emergency demands action by the agent to protect or preserve the property and rights of the principal, but the agent is unable to communicate with the principal, the agent has emergency power
Ratification
When the principal affirms, or accepts responsibility for, an agent’s unauthorized act
Disclosed princpal
A principal whose identity is known by the third party at the time the contract is made by the agent
Partially disclosed principal
Third party doesn’t know who the principal is but knows that the agent is or may be acting for a principal at the time the contract is made
Respondeat superior
The doctrine that makes principal liable for harm an agent causes to a third party
Vicarious liability
Indirect liability
Revocation
Unilateral termination from principal
Renunciation
Unilateral terminal from agent
Agency coupled with an interest
The agent has some legal right to (an interest in) the property that is the subject of the agency
Direct notice when…
The principal knows that a third party has dealt with the agent, principal has to notify the person directly
