What is a power of attorney quizlet?
- A power of attorney is a written document signed and acknowledged by one person (the principal) authorizing another person (the attorney in fact or agent) to act on their behalf. The law specifically provides that a power of attorney may confer authority upon to conduct banking transactions on behalf of the principal.
Which of the following is true under the Uniform Commercial Code regarding the liability of a principal to an agent?
Which of the following is true under the UCC regarding liability of a principal if the agent enters into a contract that is a negotiable instrument? The principal cannot be held liable unless the principal's name is on the instrument or the agent's signature indicates that it was made in a representative capacity.
Which of the following is true of an independent contractor's liability quizlet?
Which of the following is true of an independent contractor's liability? The independent contractor is personally liable for the torts he or she commits.
Which of the following is true of a person's capacity to be a principal or an agent?
Which of the following is true of a person's capacity to be a principal or agent? A principal must have the capacity to do the acts for which the agent has been retained.
What is the Uniform Commercial Code quizlet?
Uniform Commercial Code. A model act developed in the 1950's to address the concerns of business people who were frustrated by difficulties they experienced when engaging in interstate commerce and attempting to comply with different laws in each state.
What does the Uniform Commercial Code say?
Summary. The Uniform Commercial Code (UCC) is a comprehensive set of laws governing all commercial transactions in the United States. It is not a federal law, but a uniformly adopted state law. Uniformity of law is essential in this area for the interstate transaction of business.
Which of the following is true when a person hires an independent contractor to perform some tasks?
Which of the following is true when a person hires an independent contractor to perform some tasks? The contractor is responsible for the proper performance of the contract.
Which of the following is true of the Occupational Safety and Health Administration's OSHA's general duty standard?
Which of the following is true of OSHA's general duty standard? An employer is obliged to provide a work environment that is free from recognized hazards.
Which of the following is true of dual agency?
Which of the following statements is TRUE regarding dual agency? Dual agency limits the level of representation that can be offered by the licensee and also prohibits the licensee from acting exclusively for either party.
Which of the following is generally true of the relationship between businesses and employees?
Which of the following is generally true of the relationship between businesses and employees? Businesses are liable on contracts their employees make and torts their employees commit. Why is agency important to sole proprietors?
Which of the following is true regarding situations in which an agent enters into a contract without authority?
Which of the following is true regarding situations in which an agent enters into a contract without authority? The principal is not bound, but the agent may be personally liable.
Which of the following is true regarding criteria needed for creation of the agency relationship?
Which of the following is true regarding criteria needed for creation of the agency relationship? The agency must be created for a lawful purpose, and the person hiring an agent must have contractual capacity.
Special Power of Attorney Explained in Less Than 5 Minutes
Jessica Walrack is a personal finance writer who has written hundreds of articles about loans, insurance, banking, mortgages, credit cards, budgeting, and general personal finance over the past five years. Her work has appeared on The Simple Dollar, Bankrate, and Supermoney, among other publications.
Definition and Example of Special Power of Attorney
When a legal adult (“the principal”) wants to give another adult (“agent” or “attorney-in-fact”) the right to act on their behalf, they must sign a power of attorney legal document. However, the type of power of attorney used will depend on the situation.
How Special Power of Attorney Works
A special power of attorney is typically put in place by filling out the form your state or local government provides, getting the document notarized (you and your agent have to sign the form in front of a notary), and making copies for all parties involved in the special POA.
General Power of Attorney vs. Special Power of Attorney
In contrast to the special power of attorney, a general power of attorney grants your representative broader power to act on your behalf in almost any situation. However, states may restrict certain highly personal actions. For example, North Carolina doesn’t allow an agent to execute a will or get married using power of attorney. 2
Why is it important to have a power of attorney?
Because this type of power of attorney is limited to what has been laid out in the signed document, it is particularly important that the principal is very clear about the powers that they want the agent to have. Additionally, the principal may create more than one special power of attorney, naming a different individual in each one.
What happens to a power of attorney when the principal dies?
A power of attorney becomes ineffective if its principal dies or becomes incapacitated, meaning the principal is unable to grant such power due to an injury or mental illness. However, a special power of attorney can be made durable. A durable power of attorney is one that authorizes the agent to continue acting on behalf ...
What is a limited power of attorney?
Also known as a limited power of attorney (LPOA), a special power of attorney allows an individual to give another person the ability to make certain legal or financial decisions on their behalf.
Do you need to notarize a power of attorney?
A special power of attorney may need to be notarized to have legal authority.
Can an agent act on behalf of the principal?
The agent can act on behalf of the principal only under specific, clearly defined circumstances. A general power of attorney is broader, giving the agent the ability to make all legal and financial decisions on behalf of the principal.
Can a licensed attorney act as an attorney in fact?
b. It only allows a licensed attorney to act as the attorney-in-fact
Is a power of attorney an implied form?
a. It is an implied form of power of attorney
Can the injured parties recover damages from Sandy?
d. The injured parties cannot recover damages from Sandy
What chapter is Agency Law?
Start studying Chapter 18 : Agency Law. Learn vocabulary, terms, and more with flashcards, games, and other study tools.
Can a principal employ an agent other than the agent who entered into the contract?
T/F: If a principal and an agent enter into an express agency contract, the principal cannot employ any agent other than the agent who entered into the contract.
Can an agency have multiple agents?
A) The agency involved is allowed to have multiple agents if necessary.
Can a power of attorney be oral?
A) A power of attorney can be oral.
Is a power of attorney an implied form?
A) It is an implied form of power of attorney.
Who is liable for a contract if the agent acts on behalf of an undisclosed principal?
In certain situations, the agent is the only party liable for the contract even when the agent acts within his or her authority on behalf of an undisclosed principal. Identify these situations. (Check all that apply.)
What chapter is liability to third parties?
Chapter 34: Liability to Third Parties and Termina…
When does the agent's authority end?
It specifies that the agent's authority ends on the principal's death or incapacitation.
Who is liable for damages in a civil case?
The state where the principal resides will be liable for damages.
Does the principal know if a third party would enter into a contract with the principal?
The principal or agent knows a third party would enter into a contract with the principal if the principal's identity were disclosed but the agent does not disclose the identity anyway.
What is a special power of attorney?
B) A special power of attorney grants the agent implied authority over all of the principal's business, but it becomes effective only upon the principal's incapacity.
Who is liable for torts of his or her agent?
B) The principal is liable for the torts of his or her agent only if the principal directed the agent to commit the tort.
Do agency contracts need to be in writing?
Agency contracts do not need to be in writing unless an agent has been given power of authority or if the agent will be entering into a contract that the _______ requires to be in writing.
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