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Principal
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
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Agent
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
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General Agent
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
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Special Agent
Agent authorized to transact specific act or acts
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Factor
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
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Factor del Credere
factor who sells on credit and guarantees price will be paid
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Broker
agent with job of bringing two contracting parties together
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Attorney in Fact
general agent appointed by written authorization
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Express Authority
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
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Implied Authority
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
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Customary Authority
authority agent posseses by custom
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Apparent Authority
authority agent believed to have because of principal's behavior
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Agency
contract under which one party is authorized to contract for another
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Power of Attorney
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)
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Ratification
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
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Agency by Estoppel
agency arising when person leads another to believe third party is agent
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Independent Contractor
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
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Authority
the power to act for someone else
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Durable power of attorney
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
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Accounting
a language of business employed to communicate financial information based upon analyzing, recording, classification, summarization, reporting and interpretation of financial data
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Revocation
the omission, annulment, or cancellation of an instrument, act, license, or promise by one doing or making the offer
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