LAW CH. 26 TERMS

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lecaly
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112223
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LAW CH. 26 TERMS
Updated:
2011-11-24 14:08:00
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LAW 26 TERMS
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LAW CH. 26 TERMS
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  1. 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
  2. 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
  3. 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
  4. Special Agent
    Agent authorized to transact specific act or acts
  5. 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
  6. Factor del Credere
    factor who sells on credit and guarantees price will be paid
  7. Broker
    agent with job of bringing two contracting parties together
  8. Attorney in Fact
    general agent appointed by written authorization
  9. 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
  10. 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
  11. Customary Authority
    authority agent posseses by custom
  12. Apparent Authority
    authority agent believed to have because of principal's behavior
  13. Agency
    contract under which one party is authorized to contract for another
  14. 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)
  15. 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
  16. Agency by Estoppel
    agency arising when person leads another to believe third party is agent
  17. 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
  18. Authority
    the power to act for someone else
  19. 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
  20. Accounting
    a language of business employed to communicate financial information based upon analyzing, recording, classification, summarization, reporting and interpretation of financial data
  21. Revocation
    the omission, annulment, or cancellation of an instrument, act, license, or promise by one doing or making the offer

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