Business Law

Unequivoal assent to the term of an offer

Such authority as a principal intentionally confers on an agent, or negligently allows the agen to believe (s)he possesses.

The relationship between a principal and an agen.

• An agency is terminated by
• -achievement of agency purpose
• - agreement
• -will of either party
• -lapse of time or a specific event
• -revocation
• -reunciation
• -death or insanity
• -impossibility
• -bankruptcy
• -war

One who is authorized to act on behalf of another (called a princial) in dealings with third persons.

An agent whose authority is conferred by an act of the principal who, intentionally or negligently, causes a third person to believe the agent has authority to act for the princial, even though the principal has not given the agent such authority.

An agent whose authority to act is limited to a particual transaction or to a series of transaction dealing with a specific subject.

A meeting of minds. Mutual assent.

Word or phrase susceptible to more than one interpretation

Unequivocal repudiation of a contractual obligation prior to the time for perfomance

Causing another to have a resonable apprehension of an unconsented to or offensive touching

Agreeing  to a proposal

All rights under a contract are assignable unless assignlent is prohibited by law or contract or the right is too personal

party that recives an assignment

The present transfer of a contractual right

Party that makes an assignment

Such authority as a principal, intentionally or negliently, causes a third person to believe the agent has to act for the principal, even though the principal has not given the agent such authority

Such authority as a principal intentionally confers on an agent, or negligently causes or allows an agent to beleive (s)he possesses.

Another termt for "Actual authority"

Authority implied by law as being conferred on an angent by custom, by the agent's position, or that authority which is reasonably necessary to carry out the agent's actual authority.

Another term for "implied authority"

Another term for "apparent authority"

Party who receives the deposit of personal property from another

Legal relationship that arises when one party deposists or entrusts personal property with another

Party who deposits personal property with another.

Manifestation of an intent to be bound to a contract contingent on receiving a specified thing in exchange.

An unconsented to or offensive touching.

One who benefits from the act of another

A proposed transaction in a bilateral contract if the offeror intends the offeree will accept by giving a return promise to perform

The failure to perfom a contractual promise or obligation without a legal excuse.

The failure to perform a minor promise is an immaterial breach. The injured plaintiff may sue for damages and is justified in treating the contract as ended. The injured party is under no future duty to perform under the agreement.

• -Failure of condition
• -Discharge of the obligation

The failure to perform a material promises is a material breach. the injured plaintiff may sue for damages and is justified in treationg the contract as ende. The injured party is under no futher duty to perform under the agreement.