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Simple English definitions for legal terms
universal agency
Read a random definition: admeasurement
A quick definition of universal agency:
Universal agency is when one person (the agent) can act on behalf of another person (the principal) and make decisions that bind the principal. This can happen through a contract or by law. The agent can do things like sign contracts or make purchases for the principal. It's like having someone else do things for you, but they have the power to make important decisions for you too.
A more thorough explanation:
Universal agency is a type of agency relationship where one party, called the agent, can act on behalf of another party, called the principal, and bind them by their words or actions. This relationship can be created by an express or implied contract or by law.
For example, a real estate agent is a universal agent for their clients. They have the authority to act on behalf of their clients in buying or selling properties and can bind their clients to contracts and agreements.
Another example is a power of attorney, where a person grants someone else the authority to act on their behalf in legal and financial matters.
Universal agency is a powerful relationship that requires trust and responsibility from both parties. The agent must act in the best interest of the principal and follow their instructions, while the principal must trust the agent to make decisions on their behalf.