Agency. The person who represents another. A person authorized to act on behalf of another and subject to the other’s control in dealing with third parties. Principal.
What term defines someone who grants power of attorney to another quizlet?
The “principal” is the maker of the Power of Attorney – the person who is delegating authority to another. This is the person who is allowing someone else to act on his or her behalf.
Which legal term is used for a person who is appointed as an agent?
Special agent. The legal document formally creating an agency is called a: Power of attorney. Which legal term is used for a person who is appointed as an agent? Attorney in fact.
When an agent agrees to act for the principal This is known as?
The legal document that authorizes a person or a company to act as an agent for a principal is called: power of attorney. For an agency to be valid in most states: the agent must be subject to the principal’s control.
A power of attorney (POA) or letter of attorney is a written authorization to represent or act on another’s behalf in private affairs, business, or some other legal matter. The person authorizing the other to act is the principal, grantor, or donor (of the power).
The law of agency is an area of commercial law dealing with a set of contractual, quasi-contractual and non-contractual relationships that involve a person, called the agent, that is authorized to act on behalf of another (called the principal) to create a legal relationship with a third party….
What is a durable power of attorney for health care quizlet?
-A durable power of attorney for health care is a document that allows a person, a principal, to give another person, an agent, the right to make decisions regarding the principal’s health care if the principal is unable to make decisions or communicate because of severe illness or injury.
Who may act as attorney-in-fact on behalf of another quizlet?
The “agent” is the recipient of the Power of Attorney – the party who is given the power to act on behalf of the principal. The agent is sometimes referred to as an “attorney-in-fact”. The term “attorney-in-fact” does not mean the person is a lawyer.
What is a power of attorney quizlet?
– A power of attorney is a written document signed and acknowledged by one person (the principal) authorizing another person (the attorney in fact or agent) to act on their behalf. The law specifically provides that a power of attorney may confer authority upon to conduct banking transactions on behalf of the principal.
What are the 4 types of agents?
The Four Main Types of Agent
- Artists’ agents. An artist’s agent handles the business side of an artist’s life. …
- Sales agents. …
- Distributors. …
- Licensing agents.
Who is not eligible for contract?
Minor is not eligible to enter into a contract. Minors are individuals who are under the age of 18. Minors are not considered to have legal capacity, meaning they do not have the ability to make contracts with other people. If a minor signs a contract, they have the ability to void the deal with certain exceptions.