Business and Personal LawChapter 13:
Agency and EmploymentSelf Check AnswersSection 13.1 - a relationship in which one person represents another person in a business transaction; agent, principal, and third party
- An agent acts under the authority and on behalf of the principal. An independent contractor performs a particular task for a proprietor.
- when a principal accepts or approves an unauthorized act by an agent after the fact
Section 13.2 - express authority explicitly gives an agent authority; implied authority allows an agent to perform reasonable acts necessary to carry out the express authority
- a formal document granting someone authority to act as an agent
- Subagent: lawfully appointed by another agent with principal's authorization; agent's agent: appointed by another agent without the principal's authority.
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