(Q4) Principle Agency Law

A principal appoints an agent to act on their behalf

• General • Special • Factor • Broker • Attorney in Fact

Can do all of the principal’s business of a particular kind

Only authorized to do a specific act or acts

An agent who sells goods for commission

an agent who guarantees that the person they make a contract with for their client will pay for the goods or services they receive.

• an agent who negotiates contracts of sale (as of real estate or securities) or other agreements (as insurance contracts or mortgages) between the parties for a fee or commission compare dealer, finder. • finds a buyer for a seller or a seller from a buyer

The person named in a power of attorney to act on your behalf is commonly referred to as your “agent” or “attorney-in-fact.”

the party who gives legal authority to another (agent) to act on his or her behalf

anyone with contractual capacity

• Expressed Authority • Implied Authority • Customary Authority • Apparent Authority

the authority which the principal has expressly given to the agent whether orally or in writing.

• the authority to act on behalf of a principal without express authorization from that principal. • Perform acts that a reasonable necessary to accomplish the purpose of the organization