Law of Agency Flashcards
Flashcard
•
Business
•
12th Grade
•
Hard
HEATHER WAGNER
FREE Resource
Student preview
9 questions
Show all answers
1.
FLASHCARD QUESTION
Front
Power not explicitly given to an agent
Back
Implied Agency
2.
FLASHCARD QUESTION
Front
The power a principal explicitly gives an agent in words, orally or in writing, to act for the principal
Back
Express Agency
3.
FLASHCARD QUESTION
Front
The person who has authorized an agent to represent him or her
Back
principal
4.
FLASHCARD QUESTION
Front
The person the agent does business with on behalf of the principal
Back
third party
5.
FLASHCARD QUESTION
Front
The person who has been authorized to represent someone else
Back
agent
6.
FLASHCARD QUESTION
Front
Who is the principal in the scenario where Phil represented Kolin in a real estate transaction when Kolin sold his house to Markita?
Back
Kolin
7.
FLASHCARD QUESTION
Front
Who is the third party in the transaction where Phil represented Kolin in selling his house?
Back
Markita
8.
FLASHCARD QUESTION
Front
What term identifies Eduardo in the context of Luna selling his car as his agent?
Back
Principal
9.
FLASHCARD QUESTION
Front
Who is the agent in the transaction where Phil represented Kolin in a real estate transaction when Kolin sold his house to Markita?
Back
Phil
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