LAW CH. 26 TERMS

person who appoints another to contract with third parties

party on whose behalf an agent is authorized to make a contract

a party who appoints a second party to serve as an agent

party primarily liable to third person or creditor

person appointed to contract on behalf of another

party who is authorized to make a contract on behalf of a principal

the party appointed by the principal to enter into a contract with a third party on behalf of the principal

agent authorized to carry out particular kind of business or all business at a place

one who is authosized to execute the principal's business of a particular kind, or all the principal's business at a particular place, if not all of one kind

Agent authorized to transact specific act or acts

bailee seeking to sell property on commission

party who receives goods belonging to another to sell for a commission

these are also called commission merchants

factor who sells on credit and guarantees price will be paid

agent with job of bringing two contracting parties together

general agent appointed by written authorization

authority of agent stated in agreement creating agency

in other words: the authority specifically delegated to the agent by the agreement creating the agency

or in other, other words: it amounts to the power to do whatever the agent is appointed to do

agent's authority to do things in order to carry out express authority

authority to do acts that are reasonably necessary to carry out an agent's express authority

authority agent posseses by custom

authority agent believed to have because of principal's behavior

contract under which one party is authorized to contract for another

writing appointing an agent

this term is aka as warrant

an instrument in writing authorizing one person to act as agent for another

this term is revoked on death of principal by operation of law

this term can be general (full) or special (limited)

approval of unauthorized act

confirming an act which was executed without authority or an act which was voidable

adult indicating contract made while a minor is binding

agency arising when person leads another to believe third party is agent

one who contracts to do jobs and is controlled only by contract as to how performed

one who contracts to perform certain tasks for a set fee, but who is independent of the control of the contracting party as to a means by which a contract is executed, except for specifications established in the contract

the power to act for someone else

exists when a person executes a power of attorney which will become or remain effective in the event he or she should later become disabled

written appointment of agency that survives incapacity of principal

a language of business employed to communicate financial information based upon analyzing, recording, classification, summarization, reporting and interpretation of financial data

the omission, annulment, or cancellation of an instrument, act, license, or promise by one doing or making the offer