What is an agency relationship?

Agency is the fiduciary relationship that arises when a principal manifests assent that an agent will act on the principal's behalf and subject to the principal's control, and the agent consents so to act.

What is actual authority?

Actual authority exists when the agent reasonably believes, based on the principal's manifestations, that the principal wants the agent to act. It may be express or implied.

What is apparent authority?

Apparent authority exists when the principal's manifestations would cause a reasonable third party to believe the agent is authorized, and the third party relies on that appearance of authority.

What is ratification?

Ratification occurs when a principal affirms a previously unauthorized act after the material facts are known, causing the act to be treated as authorized from the outset.

What fiduciary duty does an agent owe a principal?

An agent owes duties of loyalty, care, obedience, and disclosure, including avoiding secret profits, self-dealing, and conflicts of interest.

When is a disclosed principal liable on a contract made by an authorized agent?

A disclosed principal is liable on contracts made by an agent acting with actual or apparent authority, and the agent is usually not personally liable unless the agent agreed otherwise.

When is an agent personally liable on a contract?

An agent is usually liable when the principal is partially disclosed or undisclosed, when the agent lacked authority and breached the implied warranty of authority, or when the agent agreed to be bound.

What is respondeat superior?

Under respondeat superior, a principal or employer is vicariously liable for torts committed by an employee acting within the scope of employment.

How is agency terminated?

Agency may terminate by act of the parties, by completion of the objective, by lapse of time, or by operation of law such as death or incapacity, subject to exceptions like a power coupled with an interest.

When is notice to an agent imputed to the principal?

Notice or knowledge received by an agent within the scope of the agency is generally imputed to the principal, unless an exception such as the adverse-interest doctrine applies.

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Agency (Business Associations) | MEE Subject | Critical Pass Flashcards

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Agency (Business Associations) | MEE Subject | Critical Pass Flashcards

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Study 100 Agency (Business Associations) MEE flashcards covering agency formation, actual and apparent authority, ratification, fiduciary duties, principal and agent liability, respondeat superior, independent contractors, termination, notice, and entity agency rules.

MEE Business Associations Prep

Agency (Business Associations) | MEE Subject | Critical Pass Flashcards

100 high-yield Agency flashcards designed for MEE Business Associations review. Study formation, actual and apparent authority, ratification, fiduciary duties, contract and tort liability, termination, notice, delegation, and entity agency rules in one clean study section.

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Agency (Business Associations) | MEE Subject | Critical Pass Flashcards

Agency (Business Associations) | MEE Subject | Critical Pass Flashcards

All 100 Agency Cards — Quick Reference

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