
3. The different types of principals include disclosed, undisclosed, and partially disclosed principals.
In the case of a disclosed principal, the third party knows both the existence of the agency and the
identity of the principal. In the case of a partially disclosed principal, the third party knows that the
4. The different types of agents include general agents and special agents. A general agent is a
person who is given broad authority to conduct business on behalf of the principal. A special agent is a
5. There are two kinds of actual agency authority: express actual agency authority and implied
actual agency authority. Express authority is the authority that the principal voluntarily and specifically
sets forth as oral and written instructions to the agent. Implied authority is the agent’s authority to
6. An agent has the duty to obey all instructions, to be loyal to the principal; to exercise
reasonable judgment, prudence, and skill; to account for all money and property belonging to the
8. An agency relationship can be terminated by an act of the parties (fulfillment of the purpose
9. Actual notice is required when the third party has extended credit to the principal through