Agency Law

Apparent Authority
Apparent authority is a legal doctrine where a principal is held responsible for the actions of an agent when the principal's words or actions reasonably lead a third party to believe that the agent has the authority to act on behalf of the principal.
Respondeat Superior
Respondeat Superior is a doctrine in agency law that holds a principal liable for the acts of an agent. This principle is crucial in determining liability and legal responsibility in various business and professional relationships.
Vicarious Liability
Vicarious liability is a legal concept where one party is held liable for the actions or omissions of another person, even if the liable party did not personally commit the act. This is often seen in employer-employee relationships, where employers can be held accountable for the actions of their employees performed within the scope of their employment.

Accounting Terms Lexicon

Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.