which of the following statements is true about a special power of attorney

A special power of attorney grants the agent express authority over specifically outlined acts. True. Agents who go beyond their authority when the principal is disclosed or partially disclosed are liable to third parties for breach of contract, not breach of implied warranty. False.

Full Answer

What type of power of attorney allows the agent to conduct all business for the principal multiple choice question?

General Power of Attorney. In this situation, the agent can perform almost any act as the principal, such as opening financial accounts and managing personal finances. A general power of attorney arrangement is terminated when the principal becomes incapacitated, revokes the power of attorney or passes away.

What type of power of attorney is meant to continue beyond the principal's incapacitation?

It is also known as a special power of attorney. It is also known as a general power of attorney. It specifies that the agent's authority is intended to continue beyond the principal's incapacitation.

When a third party is aware an agent is making an agreement on behalf of a principal and also knows who the principal is the principal is said to be?

Terms in this set (18) 1)disclosed principal: when the third party is making an agreement on behalf of a principal and also know who the principal is.

What is the point of a durable power of attorney quizlet?

What is a "Durable Power of Attorney?" A Power of Attorney terminates if the principal becomes incapacitated, unless it is a special kind of Power of Attorney known as a "Durable Power of Attorney." A Durable Power of Attorney remains effective even if a person becomes incapacitated.

What is the special power of attorney?

Special power of attorney refers to a person delegating specified powers to an attorney to act on their behalf. Unlike general power of attorney which gives wide-ranging decision power, special power of attorney limits the area of decision making or the specific decisions possible.

What can a POA do and not do?

The POA cannot change or invalidate your Will or any other Estate Planning documents. The POA cannot change or violate the terms of the nominating documents -- otherwise they can be held legally responsible for fraud or negligence. The POA cannot act outside of the Principal's best interest.

What is an example of someone who has the authority to contract on behalf of another?

Agent: A person who agrees to act on behalf of and instead of his or her principal, subject to the principal's control. A good example would be an insurance agent.

When someone is authorized to act on behalf of another is governed by?

The law of agency is an area of commercial law dealing with a set of contractual, quasi-contractual and non-contractual fiduciary relationships that involve a person, called the agent, that is authorized to act on behalf of another (called the principal) to create legal relations with a third party.

When a third party sues a principal for an agent's negligence the principal can sue the agent for an equal amount of damages?

Indemnification: In certain situations, when a principal is sued by a third party for an agent's negligent conduct, the principal can sue the agent for indemnification - that is, for an equal amount of damages.

What is the purpose of a power of attorney quizlet?

Terms in this set (11) What is a power of attorney and why do I need one? permits you to appoint someone else to manage your financial affairs at a time when you cannot do so yourself. This document can be a lifesaver in terms of avoiding or alleviating crisis situations which may arise from accident or illness.

Which of the following is true of a general power of attorney quizlet?

Which of the following is true of a general power of attorney? ) It allows the agent to sign legal documents on the principal's behalf.

What does a durable power of attorney for health care accomplish quizlet?

What does a durable power of attorney for health care accomplish? It enables someone other than the patient to make only health care decisions.

How do you get power of attorney when a person is incapacitated in the US?

There's no way to become someone's agent once they're incapacitated — for example, if they have dementia. Instead, you can gain legal responsibility for them by becoming their conservator, or adult guardian.

How do you get power of attorney for someone who is incapacitated in California?

The power of attorney can be signed by the principal or by someone else acting on behalf of the principal, in the principal's presence, and in the principal's name. Sign the document in front of a notary or have the document signed by two witnesses.

How do you get power of attorney for someone who lacks capacity?

If someone is lacking in mental capacity, they can't make a valid decision to appoint you as attorney. In this case, you'll have to apply to the court to be appointed as their deputy.

How do you get power of attorney when a person is incapacitated UK?

You'll have to make a formal application to the right agency, depending on where you live in the UK. They'll want to see proof that the person you're applying for has lost mental capacity in respect of the decision/s that need to be made and that you'll be acting in their best interests.

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?

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.

Who is the grantor of a power of attorney?

The person who initiates a power of attorney, whether in oral or written form, is referred to as the grantor or principal. The authorized individual named in the agreement is referred to as the attorney in fact or agent. In the case of a special power of attorney, the actions that the agent can take are limited to very specific circumstances.

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 happens to a power of attorney when someone passes away?

When an individual passes away, the special power of attorney becomes void, and a last will ...

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.