Agency Defined; Types of Agency #1 - NOT USING THIS

Agency Relationship

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Acts 11:14

They said to him, "Believe in the Lord Jesus and you will be saved - you and all the people in your house."

Agency Defined (Agency Defined; Types of Agency Folder)

An agency is a fiduciary relationship which results from the manifestation of consent that a person will act on behalf of and subject to the control of another. Three elements: 1) consent, 2) on behalf of, 3) control

Apparent Agency Relationship

An apparent agency relationship exists when a principal has allowed a third party to reasonably believe that a non-agent has actual agency authority. The principal will be estopped from denying the relationship if the third party reasonably believes on the agent's authority. (This is also known as "ostensible" authority)

Inherent Agency Power

Inherent agency power is a term used to indicate power of the agent such as when an agent exceeds power given by principal; this type of agency power exists to protect persons harmed by dealing with a servant or other agent. (Consider public policy...)

Actual Agency Relationship

An actual agency exists when there has been express or implied consent by the principal and agent that agent will act on behalf of principal and under principal's control.

Nature of Agency

An agency relationship may be created although neither party understands the nature of an agency nor subjectively consider themselves to be principal and an agent. All of a corporation's acts - and many of the acts of other business associations are done through agents.