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18 Cards in this Set

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Agency

Relationship between two parties created or implied express agreement.

Principal

Person empowers another to enter legal relations his or her behalf.


Agent

The party is empowered.

Warranty of the principals capacity

Imposed by the law on the agent.

Scope of authority

Agent must act within granted.

Power of attorney

Any writing that appoints someone an agent.

Express authority

Communicated directly by the principal agent.

Implied authority

Power to do anything that is reasonably necessary.

Apparent authority

authority that the principal knowledge or through negligence.

Ratification

approval of previously unauthorized act outside agents authority.

Fiduciary duties

require certain categories of persons.

Duty of Loyalty

the agency may not secretly benefit from the agency transaction

Duty of obedience

agent also owes to principal

Duty of reasonable care and skill

requires the agent to exercise of degree care and skill that a reasonably prudent person would use in a similar situation.

Duty of confidentiality

requires that the agent to treat info about principal with great caution .

Duty of accounting

an agent account to principal for all money and property.

Commingling

mixing the funds or property of a fiduciary such as an agent.

Undisclosed principal

agent is not allowed to reveal the principals existence or identity .