Term
|
Definition
| Authority (or power) to act in the place of another. The agent is the one who acts for and with authority from the principal (one who hires). Hired to do a specific task in a stated period of time. |
|
|
Term
|
Definition
| Broker acting as agent for both the seller and the buyer. Must have consent of both parties. |
|
|
Term
|
Definition
| Other person in a contractual negotiation, other than the principal and the agent. |
|
|
Term
| Implied (or Ostensible) authority |
|
Definition
| Authority that a third person reasonably believes an agent possess because of the acts or omission of the principal. |
|
|
