The relationship between a person (the Principal) and another person (the Agent) who was appointed, selected, empowered, given authority by the Principal to represent the interests of the Principal in …
Agency by Estoppel (Ostensible Agency)
An agency relationship created by the actions, behavior or statements of the Principal and/or the Agent upon which a third party relies. Ostensible Agency may be found by a court where no agency …
Continue Reading about Agency by Estoppel (Ostensible Agency) →
Agency By Necessity
An agency relationship where the authority to represent is imputed to the Agent as a result of an emergency situation to protect the interests of the Principal. …
Agency By Ratification
Agency by ratification refers to a situation in which a principal, typically a property owner or a party in a real estate transaction, explicitly or implicitly approves and accepts the actions of an …
Actual Cash Value
An insurance term, the value of a building calculated by subtracting the decrease in value caused by age and wear and tear from the cost of replacing the building entirely. …
Actual Damages
An award of the court to compensate an injured party for losses incurred as a result of the actions or omissions of another party. …