Examlex
Please define the following key terms. Show Who? What? Where? When? Why Important?
-Richard Arkwright
Agent
An individual authorized to act on behalf of another, known as the principal, in legal or business matters.
Specific Power of Attorney
A legal document that grants an agent the authority to act on behalf of the principal in specific matters or transactions.
Agency Agreement
A contract creating a fiduciary relationship whereby the first party consents that the actions of a second party bind them in relations with a third party.
Principal
The main party to a transaction or contract who has authorized an agent to act on their behalf.
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