| A | B |
|---|
| Actual authority | The express and implied powers of an agent |
| Agency by agreement | Agency relationship that is created by an oral or written contract between the agent and principal |
| Agency by estoppel | Agency relationship that is created because the principal’s action caused a third party to believe that an agency relationship exists |
| Agency by ratification | Agency relationship that is created because the principal approved of an agents unauthorized action after the action |
| Agency by statute | Agency relationship created by state law |
| Agency law | An area of law dealing with working relationships created between two parties |
| Agent | The individual employed by the principal to work with the third |
| Agent’s agent | Is an agent appointed by another agent without the knowledge or consent of the principal |
| Apparent authority | Occurs when the powers of the agent are created by law or circumstance |
| Coagents | Two or more agents working together |
| General agent | An agent that is given the authority to perform a variety of tasks. |
| Gratuitous agent | An agent that works for free |
| Partially disclosed agent | Agent that is given the authority to work with a third party but forbidden to reveal the identity of the principal |
| Principal | The individual who gives authority to the agent |
| Special agent | Is an agent that is given the authority to perform specific tasks |
| Subagent | An agent appointed by another agent with the knowledge and consent of the principal |
| Third party | Is the person or company whom the agent deals with on behalf of the principa |
