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3.02 Agency Law

AB
fiduciaryAn agency relationship based on trust
gratuitous agentAgent that works for free
agents agentAgent appointed by another agent without principals consent
subagentAgent appointed by another agent WITH consent of principal
special agentAgent whose authority is restricted to specific tasks
actual authorityauthority given to agents by principal
independent contractorWorks for proprietor but cannot act on his behalf
principalIndividual who gives authority to the agent
third partyPerson or company who the agent deals with on behalf of the principal


Millbrook High School
Raleigh, NC

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