FIN 331 Chapter Notes - Chapter 29: Law Of Agency, Fiduciary, W. M. Keck Observatory
28 Apr 2016
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Agency by ratification - an agency that occurs when (1) a person misrepresents him or herself as another agent when in fact he or she is not and (2) the purported principal ratifies the unauthorized act. Agency coupled with an interest - a special type of agency that is created for the agents benefit and that the principal cannot revoke. Agency law - the large body of common law that governs agency; a mixture of contract law and tort law. Agent - a party who agrees to act on behalf of another. Apparent agency (agency by estoppel) - agency that arises when a principal creates the appearance of an agency that in actually does not exists. Attorney-in-fact - the agent name in a power of attorney. the agent does not have to be a lawyer. Constructive notice - notice giving by publishing the information in a newspaper of general circulation.
