Lap 109 set 2

Uniform Partnership Act

a 1914 model statute intended to bring uniformity to state laws governing general and limited partnerships.

Partnership

a voluntary association of two or more persons who jointly own and carry on a business for profit.

Authority by ratification

an act already completed but either not done in a way that originally produced a legal obligation or done by third party having at the time no authority to act as the person's agent.

Actual express authority

authority given to the agent by explicit agreement, either orally or in writing.

Actual implied authority

authority intentionally given by the principal to the agent as a result of the principal's conduct, such as the principal's earlier acquiescence to the agent's actions.

Inherent authority

authority of an agent arising from the agency relationship.

Actual authority

authority that a principal intentionally confers on an agent or authority that the agent reasonably believes he or she has as a result of the agent's dealing with the principal (can be either express or implied).

Apparent authority

authority that a third party reasonably believes an agent has, based on the third party's dealings with the principal, even though the principal did not confer or intend to confer the authority (can be created by law even when no actual authority has been conferred).