ADM 3360 Study Guide - Quiz Guide: Hird, Whho

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Agency - a relationship that exists when one party represents another party in the formation. Agency - a relationship that exists when one party represents another party in the formation of legal relations of legal relations. Agent - a person who is authorized to act on behalf of another. Principal - a person who has permitted another to act on her behalf. Outsider - the party with whom the agent does business on behalf of the principle. Law of agency - the law governing the relationship where one party, the agent, acts on. Law of agency - the law governing the relationship where one party, the agent, acts on behalf of another, the principle behalf of another, the principle. Actual authority - the power of an agent that derives from either express or implied. Actual authority - the power of an agent that derives from either express or implied agreement agreement.

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