What do you call an agent that is legally authorized to act on the behalf of another party quizlet?

proxy. an agent legally authorized to act on behalf of another party.

What do we call someone who legally act on behalf of the other person?

A special power of attorney is a legal document that authorizes one person, called an agent or an attorney in fact, to act on behalf of another person, known as the principal, under specific, clearly laid-out circumstances.

What are the 3 types of agent authority?

There are three types of authority used frequently in business deals, like real estate: express, implied, and apparent.

What is it called when an agent agrees to act for the principal?

Match. agency. A relationship between two parties in which one party (the agent) agrees to represent or act for the other (the principal). One of the parties in agency relationship is called. the agent.

What is the legal Definition of an agent?

A person with authority to act on behalf of another person. See Principal, Fiduciary, and Fiduciary duty. agency.

What is meant by juristic person?

A juridical or artificial person (Latin: persona ficta; also juristic person) has a legal name and has certain rights, protections, privileges, responsibilities, and liabilities in law, similar to those of a natural person. The concept of a juridical person is a fundamental legal fiction.

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.

What are the types of agent?

In general, there are three types of agents: universal agents, general agents, and special agents.
  • Universal Agents. Universal agents have a broad mandate to act on behalf of their clients. …
  • General Agents. …
  • Special Agents.

What is estoppel agent?

The concept of agency by estoppel arises where one person acts in such a way that the other believes that a third person is authorised to act on his behalf and enters into a transaction with the third person, the person whose act induced him to do so, is liable for that agreement as if the third person acted on his …

What are types of agents in law?

An agent may be Special Agent, Universal Agent or General Agent. The category which an agent falls under from the above depends on the scope and nature of his agreement with the principal.

What is an agent in commercial law?

The Indian Contract Act, 1872 defines an „Agent‟ in Section 182 as a person employed to do any act for another or to represent another in dealing with third persons.

What is an agent of a company?

The agent definition business is important to be aware of, particularly if you have an agent legally acting on you or your company’s behalf. Specifically, an agent is someone who has the legal right to act on behalf of another person or business, referred to as the principal.

What are the five types of agent?

The five types of agents include: general agent, special agent, subagent, agency coupled with an interest, and servant (or employee).

What is the difference between agent and agency?

Agent in the sense “A person or company that provides a particular service” chiefly denotes a person; it denotes a company only by extension. By contrast, agency in the sense “A business or organization providing a particular service on behalf of another business, person, or group” never denotes an individual.

Is employee an agent of a company?

An employee is not an agent unless the principal authorizes him or her to enter into contracts on the principal’s behalf. Principal–agent relationship: An employer hires an employee and authorizes the employee to enter into contracts on the employer’s behalf.

Are employees agents of a corporation?

Corporate employees, especially officers, are agents of the corporation.

Are vendors agents?

Vendor Agents are defined as established retail entities that operate retail sales operations with their own employees and contract to sell branded products and services on behalf of the product and service owners.

What is the difference between agent and employee?

There are two essential characteristics that distinguish employees from agents. First, an employee must be a human being as compared to artificial or electronic agent. Second, an employer has more control over an employee than over an agent. An agent typically has its own facilities and is independent.

Is an agent the same as an employee?

An agent is one who is authorized to do some act for or on behalf of the principal. For example, you can have an employee that you have authorized to make major purchases on behalf of the company – this employee would be an authorized agent for that purpose even though no other employee is authorized to do that.

Can a company be an agent for another company?

Yes, the registered agent can be a company, however the company itself may not act as it’s own registered agent. The company that will act as the registered agent must provide a legal street address in the state of formation where service of process can be delivered weekdays during normal business hours.

What is difference between representative and agent?

An agent works on behalf of a client to secure employment for a business client whereas a representative usually works with an established company to sell goods and services of that company. A representative may work in almost all areas of retail and levels of pay from a store clerk to a car salesman.

What is distribution agent?

Distribution Agent means the Debtors or any Entity or Entities chosen by the Debtors, which Entities may include the Notice and Claims Agent, to make or to facilitate distributions required by the Plan.