Term
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Definition
| Principal whose identity is kept a secret from the third party by the agent. |
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Term
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Definition
| Accepting liability for a previously unauthorized transaction with the third party. |
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Term
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Definition
| Maintaining accounts separate from a personal or office checking account. |
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Term
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Definition
| To duty to give the principal all the money and property that comes into the agent's possession. |
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Term
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Definition
| Requires the agent to treat information about the principal with great caution. This duty extends beyond the agency relationship. |
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Term
| duty of reasonable care and skill |
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Definition
| Requires the agent to exercise the degree of this duty as a reasonably prudent person would do in a similar situation. |
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Term
| duty of loyalty and obedience |
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Definition
| Placing the interest of the principal above the interest of all others. |
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Term
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Definition
| Duties owed to principals by the agents. Legal requirements that the agent serve in the best interest of the principal. |
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Term
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Definition
| Mixing the funds or property of the principal and agent. |
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