Agency Law

terri.johnson255
Mind Map by terri.johnson255, updated more than 1 year ago
terri.johnson255
Created by terri.johnson255 about 6 years ago
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Resource summary

Agency Law
  1. ACTUAL authority

    Annotations:

    • EXPRESS or IMPLIED powers
    1. agency by agreement

      Annotations:

      • agency relationship that is created by an oral or written contract between the agent and principal
      1. agency by estoppel

        Annotations:

        • agency relationship created because of principal's action caused by a third party to believe an agency relationship exists.
        1. agency by ratification

          Annotations:

          • principal approved of an agents unauthorized action after the action occured
          1. agency by statute

            Annotations:

            • created by state law
            1. agency law

              Annotations:

              • area of law dealing with working relationships created between two parties
              1. agent

                Annotations:

                • individual employed by the principalto work the third party
                1. apparent authority

                  Annotations:

                  • occurs when the powers of the agent are created by law or circumstance
                  1. coagents

                    Annotations:

                    • two agents that work together
                    1. general agent

                      Annotations:

                      • given the authority to perform a variety of tasks
                      1. gratuitous agent

                        Annotations:

                        • agent that works for free
                        1. partially disclosed agent

                          Annotations:

                          • work with a third party but forbidden to reveal the identity of a principal
                          1. principal

                            Annotations:

                            • individual who gives authority to the agent
                            1. special agent

                              Annotations:

                              • performs specific tasks
                              1. subagent

                                Annotations:

                                • agent appointed by another agent WITH the knowledge and consent of the principal
                                1. agent's agent

                                  Annotations:

                                  • agent appointed by another agent WITHOUT the knowledge or consent of the principal
                                  1. third party

                                    Annotations:

                                    • person or company whom the agent deals with on behalf of the principal
                                    1. 3.02
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