Defenitions by word Flashcards
(6 cards)
0
Q
Principle
A
The person who hires the agent and delegates to the agent the responsibility of representing the principles interest.
1
Q
Agent
A
The person who is authorized to represent and act on behalf of another person.
2
Q
Fiduciary
A
The relationship of trust or confidence between the agent and the principle.
3
Q
Agency
A
The fiduciary relationship between the agent and the principle.
4
Q
Client
A
The principle.
5
Q
Customer
A
The third party with whom the agent deals when working on behalf of the principle.
