Question

Match each of the numbered definitions with the correct term in the following list.

a. agent

b. agency by necessity

c. agency by ratification

d. apparent authority

e. attorney in fact

f. express authority

g. contract of agency

h. disclosed principal

i. implied authority

j. irrevocable agency

k. partially disclosed principal

l. power of attorney

m. principal

n. undisclosed principal

The party in an agency contract who represents another.

A principal whose existence and identity are not known to third parties.

The name given to a legal document that formally creates an agency.

The party in an agency contract who delegates power to another.

An agreement between a principal and an agent in which the agent is vested with authority to represent the principal.

An agency coupled with an interest.

The authority possessed by an agent that may be reasonably assumed by a third party.

The authority possessed by an agent that is specifically stated in the agency contract.

A principal who is known to third parties.

The precise legal term for an agent.

The agency that results when a person approves an unauthorized act done in the principal’s name by a person who had no authority to act as agent.

The agency that results when a person fails to support his or her spouse or minor children.

The authority an agent reasonably assumes he or she has that relates to the express authority granted by the principal.

A principal whose identity is not known to a third party who knows he or she is dealing with an agent.

Answer 1

a. agent
An agreement between a principal and an agent in which the agent is vested with authority to represent the principal.

b. agency by necessity
The authority possessed by an agent that may be reasonably assumed by a third party.

c. agency by ratification
The agency that results when a person approves an unauthorized act done in the principal’s name by a person who had no authority to act as agent.

d. apparent authority
The authority an agent reasonably assumes he or she has that relates to the express authority granted by the principal.

e. attorney in fact
The agency that results when a person fails to support his or her spouse or minor children.

f. express authority
The authority possessed by an agent that is specifically stated in the agency contract.

g. contract of agency
The party in an agency contract who represents another.

h. disclosed principal

A principal who is known to third parties

i. implied authority
The precise legal term for an agent.

j. irrevocable agency
An agency coupled with an interest.

k. partially disclosed principal
A principal whose existence and identity are not known to third parties.

l. power of attorney
The name given to a legal document that formally creates an agency.

m. principal
The party in an agency contract who delegates power to another

n. undisclosed principal
A principal whose identity is not known to a third party who knows he or she is dealing with an agent.