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| relationship authorizing one party (the agent) to act for and on behalf of the other party (the principal). |
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| generally, whatever business activity a person may accomplish personally he may do through an agent. |
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| one in which the employer has the right to control the physical conduct of the employee. |
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| a person who contracts with another to do a particular job and who is not subject to the control of the other. |
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| though agency is a consensual relationship that may be formed by contract or agreement between the |
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| no particular formality usually is required in a contract of agency, although appointments of agents for a period of more than one year must be in writing. |
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| agent must act in the principal's affairs only as authorized by the principal and must obey all reasonable instructions and directions. |
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| agent must act with reasonable care and skill in performing the work for which he is employed. |
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| agent must use reasonable efforts to give the principal information relevant to the affairs entrusted to her. |
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| agent must maintain and provide the principal with a true and complete account of money or other property that the agent has received or expended on behalf of the principal. |
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| agent owes a duty of utmost loyalty and good faith to the principal. |
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| a principal must compensate the agent as specified in the contract, or for the reasonable value of the services provided, if no amount is specified. |
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| the principal must pay back to the agent authorized payments the agent has made on the principal's behalf. |
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| the principal must pay the agent for losses the agent incurred while acting as directed by the principal. |
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Term
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| include the duty to provide an employee with reasonably safe conditions of employment and to warn the employee of any unreasonable risk involved in the employment. |
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Term
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Definition
The following are all examples of (a/an) ---:
- Lapse of Time
- Fulfillment of Purpose
- Mutual Agreement of the Parties
- Revocation of Authority
- Renunciation by the Agent
- Operation of Law Death – of either the principal or the agent
- Incapacity – of either the principal or the agent
- Change in Circumstances
- Loss or Destruction of the Subject Matter
- Change in Law
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Term
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| bankruptcy of a principal usually terminates all of his agency relationships; if the credit of the agent is important to the agency relationship, the relationship will be terminated by the bankruptcy of the agent. |
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Term
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| The difference between an employee and an independent contractor is --- |
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Term
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| An independent contractor is (subject/not subject) to others' control |
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Term
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Definition
The following are all rights to (a/an) ---:
- Amount of time agent works for principle
- Length of time served as agent for principle
- Commonly provides supplies
- Payment by time or job
- Degree of skill
- Scope of principle control
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Term
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Definition
The following are all examples of (a/an) ---:
- Lawyer
- Roofer
- Doctor
- Painter
- Artist
- Engineer
- Charter Pilot
- Etc.
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| All appointments of agents for more than --- must be in writing. |
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| Authorization to act on a person's behalf in legal or business matter (special or limited). |
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| "Upon Grantor's Mental Incapacitation" |
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| The power of an Attorney expires by its terms or "---". |
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Term
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| Another word for a grantor or donor of power. |
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| One authorized by the Principle is simply an ---. |
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Term
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Definition
The following are examples of the termination of the ---:
- Guardian is appointed for Principle
- Revocation by Principle
- Stated expiration date or occurrance
- Death of Principle
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Term
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Definition
| Agency relationship created when a principal confirms and accepts a purported agent's unauthorized act. |
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| Agency Coupled with an Interest |
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Definition
| An agent has possession or control of the property of his principal and possesses a legal rights against interference by third parties. |
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Definition
| Situation wherein the agent's conduct causes a client or prospective insured reasonably to believe that the agent has the authority to sell an insurance policy and contract on behalf of the insurance company. |
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Term
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| a person who holds the power of attorney. He or she is the person who is legally designated to transact business or execute documents on behalf of the principal or grantor. |
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| a legal doctrine that prevents a person from adopting a position, action, or attitude, asserting a fact or a right, or prevents one from denying a fact inconsistent with an earlier position if it would result in an injury to someone else. |
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| where a priniciple and agent enter into an agreement. |
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| Exclusive Agency Contract |
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Definition
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Restrictive agreement that binds a principal and an agent in an association under which neither can make any similar deals with the other's competitors for a specified period.
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| occurs when the words and actions of the parties indicate that there is an agency relationship. |
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| Cognizance of a circumstance or fact attributed to a party because of its position, or its relationship with or responsibility for another party. |
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| Authority that is necessarily incidental to the express authority, arises from the custom of trade, or past practices of the involved parties. |
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Term
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| an agency which cannot be revoked or terminated by the principal. |
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