agency

ostensible authority

Ostensible authority, also known as apparent authority, is the power of an agent to act on behalf of a principal, even though not expressly or impliedly granted. This power arises only if a third party reasonably infers, from the principal's...

partnership

According to New York Partnership Law, a partnership is a voluntary, contractual association between two or more parties to carry out business for-profit as co-owners. Partnerships are composed of partners, who are agents of the partnership...

power of attorney

A power of attorney is an agreement between two parties: a principal and an attorney in fact. The attorney in fact need not be an attorney at law (a lawyer). A power of attorney gives the attorney in fact rights to act in the principal's...

principal

In general, a principal is a person or thing that is more important than others when identified for a particular purpose. The term also has specific meanings in various fields of law.

In criminal law, principal refers to a...

respondeat superior

Respondeat superior refers to the legal doctrine generally used in tort law. Under the doctrine of respondeat superior, the employer or a principal could be held vicariously liable for an unlawful or unjust act of an employee or an agent. For...

Specially Designated Nationals and Blocked Persons List

The Specially Designated Nationals and Blocked Persons List (SDN List) is a compilation maintained by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC). It includes individuals, entities, and organizations with...

undisclosed principal

Under agency law, undisclosed principals arise when a third party has no notice that the principal exists, but the undisclosed principal has authorized an agent to act on the principal’s behalf. The agent does not represent that they are...