Term
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Definition
| a legal, consensual relationship that exists when one party, the agent, acts on behalf of another party, the principal |
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Term
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Definition
| the party in an agency relationship that authorizes the agent to act on that party’s behalf |
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Term
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Definition
| in an agency relationship, the party that is authorized by the principal to act on the principal’s behalf |
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Term
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Definition
| a written document by which a principal gives an agent the power to sign personal documents on the principal’s behalf |
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Term
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Definition
| an agency relationship created by a principal’s words or conduct that causes a third party to reasonably believe that an agency exists |
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Term
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Definition
| an agency relationship created when a purported principal affirms the act of a party who acted as the principal’s agent without prior authorization |
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Term
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Definition
| the authority, both express and implied, that a principal intentionally gives to an agent |
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Term
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Definition
| the actual authority conferred by a principal on an agent by custom, usage, or a principal’s conduct indicating the intention to confer such authority |
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Term
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Definition
| the authority that a reasonable person could believe that an agent has to act on a principal’s behalf |
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Term
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Definition
| the routine or mechanical tasks performed by agents |
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Term
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Definition
| a creditor’s legal right or interest in a debtor’s property until satisfaction of any debt; in an agency, the agent’s right in a principal’s foods and papers held by the agent until all accounts between the principal and agent are settled |
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Term
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Definition
| a creditor’s legal right or interest in specific property until satisfaction of a debt related to that property; in an agency, the agent’s right to retain a principal’s property until the account for the immediate transaction between the principal and agent is settled |
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Term
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Definition
| a principal whose existence and identity are known to the third party dealing with the agent |
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Term
| Partially disclosed principal |
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Definition
| a principal whose existence is known, but whose identity is not known, to the third party dealing with the agent |
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Term
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Definition
| a principal whose existence is unknown to the third party dealing with the agent |
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Term
| Master-servant relationship |
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Definition
| a relationship in which an employer (master) has vicarious liability for any harm the employee (servant) causes to third parties while acting within the scope of the employment |
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Term
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Definition
| the legal principle under which an employer is vicariously liable for the torts of an employee acting within the course and scope of the employment |
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Term
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Definition
| a person who is hired to perform services for another under the direction and control of the employer |
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Term
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Definition
| an agent hired to undertake a specific project but left free to do the work and choose the method for the project. |
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