A disclosed principal is an individual who authorizes another person to act as their agent and discloses their identity to a third party. In contrast, an apparent principal falsely presents someone as authorized to act on their behalf without revealing their true identity.
A disclosed principal is when the agent reveals the identity of the principal to a third party. This means that the agent has informed the third party that they are representing someone else. For example, a real estate agent selling a house on behalf of a homeowner and informing the potential buyer that they are acting as an agent for the homeowner. Another example is a lawyer representing a client in a legal matter and informing the opposing party that they are acting on behalf of their client. In both cases, the agent has informed the third party that they are acting on behalf of someone else, making the principal’s identity known and allowing the third party to hold them responsible for the agent’s actions.
A disclosed principal is a legal term that refers to a situation where a third party is aware of the identity of the principal in a transaction.
The significance of a disclosed principal is that the third party can hold the principal liable for any obligations or liabilities arising from the transaction.
For a principal to be considered disclosed, the third party must be aware of the principal’s identity at the time of the transaction.
A disclosed principal is one where the third party is aware of the principal’s identity, while an undisclosed principal is one where the third party is not aware of the principal’s identity.
Yes, a disclosed principal can be held liable for the actions of an agent acting on their behalf.
No, a disclosed principal cannot be held liable for the actions of an independent contractor as they are not considered an agent of the principal.
Yes, a disclosed principal can be held liable for the actions of a sub-agent as they are considered an agent of the principal.
It depends on the specific terms of the joint venture agreement. If the joint venture partner is acting on behalf of the principal, then the principal may be held liable for their actions.
No, a disclosed principal cannot be held liable for the actions of a co-principal as they are considered separate entities.
Examples of situations where a disclosed principal may be involved include real estate transactions, business partnerships, and employment contracts.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 17th April 2024.
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