Agency refers to the relationship between two parties where one, the agent, represents or acts on behalf of the other, the principal, in various contexts such as finance, government, investment, and personnel.
An agency agreement is a contract establishing a relationship where one party, the agent, is authorized to act on behalf of another party, the principal, for specific tasks or purposes, often involving business transactions.
An agent is a person appointed by another person, known as the principal, to act on his or her behalf. Agents have the authority to perform tasks or make decisions as specified by the principal.
Apparent authority is a legal doctrine where a principal is held responsible for the actions of an agent when the principal's words or actions reasonably lead a third party to believe that the agent has the authority to act on behalf of the principal.
Disbursement refers to a payment made by an agent, often a professional such as a solicitor or banker, on behalf of a client. This amount is typically claimed back when the client receives an account for the professional services.
A Durable Power of Attorney (DPOA) is a legal document that allows an individual to act as an agent on behalf of the principal, even in the event of subsequent incapacity or disability of the principal.
An agent employed to sell goods or merchandise consigned or delivered to him by or for his principal for compensation.
A jobber serves as a middleman in the sale of goods by buying products from wholesalers and reselling them to retailers. Unlike brokers or agents who sell on behalf of others, jobbers purchase goods themselves before resale.
A Power of Attorney (POA) is a legal document that allows an individual, known as the principal, to designate another person, called the agent or attorney-in-fact, to make decisions and act on their behalf in specified matters.
The term 'principal' in accounting can refer to either the initial sum of money on which interest is paid or to a person who has authorized another to act on their behalf, especially in the context of an agency relationship.
A real estate agent is a licensed professional who represents buyers and sellers in real estate transactions.
Respondeat Superior is a doctrine in agency law that holds a principal liable for the acts of an agent. This principle is crucial in determining liability and legal responsibility in various business and professional relationships.
Trading authorization is a document giving a brokerage firm employee acting as an agent (broker) the power of attorney to buy and sell transactions for a customer.
A trust company is an organization, often associated with a commercial bank, that acts as a trustee, fiduciary, or agent for individuals or businesses in managing various trust-related services.
