Business Law Chapter 26

Agency by Estoppel

Agency arising when a person leads another to believe third party is an agent

Brokers

Agent with the job of bringing two contracting parties together

General Agents

An agent authorized to carry out particular kinds of business or business at a place They can pay bills, employs help, buys and sells merchandise, & collects on account.

Special Agents

An agent authorized to transact specific act or acts. Limited powers only for a specific purpose.

Ratification

Approval of an unauthorized act

Express Authority

Authority specifically delegated to the agent by the agreement creating the agency

Appointment

Contracts may be oral or written, formal or informal

Independent Contractor

One who contracts to perform tasks for a certain fixed fee

Factor

One who receives possession of another one's property for the purpose of sale on commission

Necessity

Parents must support their minor children

Durable Power if Attorney

This form helps you to direct your care should your doctor decide that you lack capacity to make your own medical decisions

Contract of Agency

When one party, known as a Principal appoints another party, known as the Agent to enter into contracts with third parties in the name of the principal

Legally Competent

Who may appoint an Agent?

Power of Attorney

Writing appointing an agent

Attorneys in Fact

A general agent who has been appointed by written authorization

Implied Authority

Agent's authority to do things in order to carry out express authority, not specifically stated

Apparent Authority

Authority agent believed to have because of principle's behavior

Customary Authority

Authority to act on behalf of another arises when someone is customarily used to doing something

Factor del credere

Factor who sells on credit and guarantees price will be paid