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3.02 Quiz

Individual who gives authority to the agent
Principle
Agent
Individual employed by principal to work with the third party
Agent
Thrid party
The person or company whom the agent deals with on behalf of the Principal
Principle
Third party
Is an individual or business that hires someone to perform a task
Independent Contractor
Propritor
Is a person who has the right to control the actions of another person
Master
Servent
Apparent Authority is also known as
Agency by estoppel
Principle
Authority restricted to certain, specific tasks.
General agent
Special agent
Given authority by principal to perform a VARIETY of tasks.
Subagent
General agent
An agent appointed by another agent with the knowledge and consent of the principal.
Subagent
General agent
Two or more agents working together.
Co agent
Agent's agent
An agent appointed by another agent without the knowledge and consent of the principal.
Agent
Agents agents
What is Gratuitous agent
There is always a fee involved
Agent who works for free
Payment for services rendered
Compensation
Indemnification
Payment for expenses incurred by the agent on behalf of the principal
Reimbursement
Indemnification
Payment for losses incurred by the agent on behalf of the principal
Compensation
Indemnification
Is the express and implied powers of an agent.
Actual authority
Agent
Apparent
Is an agency relationship that is created because the principal approved of an agents unauthorized action after the action occurred.
Agency by ratification
Co agent
Agency law
Agentis an agent that is given the authority to perform a variety of tasks.
General
Apparent authority
Third party
Is an area of law dealing with working relationships created between two parties.
Agency law
12. Gratuitous agent
Special agent
An agency relationship created by state law
Agency by statute
Actual authority
Agency law
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