| 释义 |
agency
a·gen·cy A0137800 (ā′jən-sē)n. pl. a·gen·cies 1. The condition of being in action; operation.2. The means or mode of acting; instrumentality.3. a. A business with agents that negotiate deals for clients: a talent agency; a real estate agency.b. An advertising or public relations firm.4. An administrative division of a government or international body.
[Medieval Latin agentia, from Latin agēns, agent-, present participle of agere, to do; see agent.]agency (ˈeɪdʒənsɪ) n, pl -cies1. (Commerce) a business or other organization providing a specific service: an employment agency. 2. (Commerce) the place where an agent conducts business3. (Commerce) the business, duties, or functions of an agent4. action, power, or operation: the agency of fate. 5. intercession or mediation6. (Government, Politics & Diplomacy) one of the administrative organizations of a government[C17: from Medieval Latin agentia, from Latin agere to do]a•gen•cy (ˈeɪ dʒən si)
n., pl. -cies. 1. an organization, company, or bureau that provides a particular service: a welfare agency. 2. a government bureau or administrative division. 3. a company having a franchise to represent another. 4. the duty or function of an agent. 5. the place of business of an agent. 6. a means of exerting power or influence; instrumentality. [1650–60; < Medieval Latin] agencyIn intelligence usage, an organization or individual engaged in collecting and/or processing information. Also called collection agency. See also agent; intelligence process; source.Thesaurus| Noun | 1. |  agency - an administrative unit of government; "the Central Intelligence Agency"; "the Census Bureau"; "Office of Management and Budget"; "Tennessee Valley Authority"bureau, federal agency, government agency, office, authorityadministrative body, administrative unit - a unit with administrative responsibilitiesexecutive agency - an agency of the executive branch of governmentFDA, Food and Drug Administration - a federal agency in the Department of Health and Human Services established to regulate the release of new foods and health-related productsCDC, Center for Disease Control and Prevention - a federal agency in the Department of Health and Human Services; located in Atlanta; investigates and diagnoses and tries to control or prevent diseases (especially new and unusual diseases)Counterterrorist Center, CTC - an agency that helps the Director of Central Intelligence coordinate counterterrorist efforts in order to preempt and disrupt and defeat terrorist activities at the earliest possible stageNonproliferation Center, NPC - an agency that serves as the focal point for all Intelligence Community activities related to nonproliferation of weapons of mass destruction and their missile delivery systemsBureau of the Census, Census Bureau - the bureau of the Commerce Department responsible for taking the census; provides demographic information and analyses about the population of the United StatesNational Oceanic and Atmospheric Administration, NOAA - an agency in the Department of Commerce that maps the oceans and conserves their living resources; predicts changes to the earth's environment; provides weather reports and forecasts floods and hurricanes and other natural disasters related to weatherNational Climatic Data Center, NCDC - the part of NOAA that maintains the world's largest active archive of weather dataNational Weather Service - the federal agency in the National Oceanic and Atmospheric Administration that is responsible for weather forecast and preparation of weather mapsTechnology Administration - an agency in the Department of Commerce that works with United States industries to promote competitiveness and maximize the impact of technology on economic growthNational Institute of Standards and Technology, NIST - an agency in the Technology Administration that makes measurements and sets standards as needed by industry or government programsNational Technical Information Service, NTIS - an agency in the Technology Administration that is a primary resource for government-funded scientific and technical and engineering and business related informationDARPA, Defense Advanced Research Projects Agency - the central research and development organization for the United States Department of Defense; responsible for developing new surveillance technologies since 9/11Department of Defense Laboratory System, LABLINK - a defense laboratory that provides essential services in fundamental science for national security and environmental protection and provides technologies that contribute to industrial competitivenessDepartment of Energy Intelligence, DOEI - an agency that collects political and economic and technical information about energy matters and makes the Department of Energy's technical and analytical expertise available to other members of the Intelligence CommunityPHS, United States Public Health Service - an agency that serves as the office of Surgeon General; includes agencies whose mission is to improve the public healthNational Institutes of Health, NIH - an agency in the Department of Health and Human Services whose mission is to employ science in the pursuit of knowledge to improve human health; is the principal biomedical research agency of the federal governmentBJA, Bureau of Justice Assistance - the bureau in the Department of Justice that assists local criminal justice systems to reduce or prevent crime and violence and drug abuseBJS, Bureau of Justice Statistics - the agency in the Department of Justice that is the primary source of criminal justice statistics for federal and local policy makersImmigration and Naturalization Service, INS - an agency in the Department of Justice that enforces laws and regulations for the admission of foreign-born persons to the United StatesUnited States Border Patrol, US Border Patrol - the mobile law enforcement arm of the Immigration and Naturalization Service that detects and prevents illegal entry of aliens into the United StatesBureau of Diplomatic Security, DS - the bureau in the State Department that is responsible for the security of diplomats and embassies overseasForeign Service - the part of the State Department that supplies diplomats for the United States embassies and consulates around the worldBureau of Intelligence and Research, INR - an agency that is the primary source in the State Department for interpretive analyses of global developments and focal point for policy issues and activities of the Intelligence CommunityFWS, United States Fish and Wildlife Service, US Fish and Wildlife Service - an agency in the Department of the Interior that conserves and protects fish and wildlife and their habitats; assesses the environmental impact of pesticides and nuclear power site and hydroelectric dams and thermal pollution | | 2. | agency - a business that serves other businessesbusiness, business concern, business organisation, business organization, concern - a commercial or industrial enterprise and the people who constitute it; "he bought his brother's business"; "a small mom-and-pop business"; "a racially integrated business concern"ad agency, advertising agency - an agency that designs advertisement to call public attention to its clientscredit bureau - a private firm that maintains consumer credit data files and provides credit information to authorized users for a feedetective agency - an agency that makes inquiries for its clientsemployment agency, employment office - an agency that finds people to fill particular jobs or finds jobs for unemployed peoplecommercial agency, mercantile agency - an organization that provides businesses with credit ratings of other firms; "Dun & Bradstreet is the largest mercantile agency in the United States"news agency, news organisation, news organization, press agency, press association, wire service - an agency to collects news reports for newspapers and distributes it electronicallyservice agency, service bureau, service firm - a business that makes its facilities available to others for a fee; achieves economy of scaletravel agency - an agency that arranges personal traveltransfer agent - an agency (usually a bank) that is appointed by a corporation to keep records of its stock and bond owners and to resolve problems about certificates | | 3. | agency - the state of being in action or exerting power; "the agency of providence"; "she has free agency"activeness, activity, action - the state of being active; "his sphere of activity"; "he is out of action"Frankenstein - an agency that escapes control and destroys its creator | | 4. |  agency - the state of serving as an official and authorized delegate or agentdelegacy, representationstate - the way something is with respect to its main attributes; "the current state of knowledge"; "his state of health"; "in a weak financial state"free agency - (sports) the state of a professional athlete who is free to negotiate a contract to play for any teamlegal representation - personal representation that has legal status; "an person who has been declared incompetent should have legal representation"virus - a harmful or corrupting agency; "bigotry is a virus that must not be allowed to spread"; "the virus of jealousy is latent in everyone" | | 5. | agency - how a result is obtained or an end is achieved; "a means of control"; "an example is the best agency of instruction"; "the true way to success"means, wayeffectuation, implementation - the act of implementing (providing a practical means for accomplishing something); carrying into effectdint - interchangeable with `means' in the expression `by means of'escape - a means or way of escaping; "hard work was his escape from worry"; "they installed a second hatch as an escape"; "their escape route"fast track - a rapid means of achieving a goal; "they saw independence as the fast track to democracy"; "he took a fast track to the top of the corporate ladder"; "the company went off the fast track when the stock market dropped"instrument, tool - the means whereby some act is accomplished; "my greed was the instrument of my destruction"; "science has given us new tools to fight disease"road - a way or means to achieve something; "the road to fame"stepping stone - any means of advancement; "the job was just a stepping stone on his way to fame and riches"expedient - a means to an end; not necessarily a principled or ethical onedesperate measure - desperate actions taken as a means to an end; "he had to resort to desperate measures"open sesame - any very successful means of achieving a resultsalvation - a means of preserving from harm or unpleasantness; "tourism was their economic salvation"; "they turned to individualism as their salvation"tooth - a means of enforcement; "the treaty had no teeth in it"voice - a means or agency by which something is expressed or communicated; "the voice of the law"; "the Times is not the voice of New York"; "conservatism has many voices"wings - a means of flight or ascent; "necessity lends wings to inspiration" |
agencynoun1. business, company, office, firm, department, organization, enterprise, establishment, bureau a successful advertising agency2. (Old-fashioned) medium, work, means, force, power, action, operation, activity, influence, vehicle, instrument, intervention, mechanism, efficiency, mediation, auspices, intercession, instrumentality a negotiated settlement through the agency of the UNagencynoun1. That by which something is accomplished or some end achieved:agent, instrument, instrumentality, instrumentation, intermediary, mean (used in plural), mechanism, medium, organ.2. A component of government that performs a given function:arm, branch, department, division, organ, wing.Translationsagent (ˈeidʒənt) noun1. a person or thing that acts. detergents and other cleaning agents. (會產生作用)的人或東西 （发生作用）的人或事 2. a person who acts for someone in business etc. our agent in London; a theatrical agent. 代理商 代理商3. (especially secret agent) a spy. an agent for the Russians. 特務 特务ˈagency – plural ˈagencies – noun the office or business of an agent. an advertising agency. 代辦機關，代理公司 代理机构，经销机构 by/through the agency of by the action of. The meeting was arranged through the agency of a friend. 透過...的協助 由于...作用agency
agency1. a business or other organization providing a specific service 2. the place where an agent conducts business 3. the business, duties, or functions of an agent 4. one of the administrative organizations of a government agency - the power of ACTORS to operate independently of the determining constraints of SOCIAL STRUCTURE. The term is intended to convey the volitional, purposive nature of human activity as opposed to its constrained, determined aspects. Although utilized in widely different ways, it is especially central in METHODOLOGICAL INDIVIDUALISM, ETHNOMETHODOLOGY, PHENOMENOLOGY, SYMBOLIC INTERACTIONISM. The importance of human intention (and possibly also FREE WILL) thus emphasized, places the individual at the centre of any analysis and raises issues of moral choice and political capacity The political problematic is expressed by GOULDNER counterposing ‘man on his back’ with ‘man fighting back’ (1973), but the classic essay is Dawe's (1971) ‘The Two Sociologies’.
- any human action, collective or structural as well as individual, which ‘makes a difference’ to a social outcome; thus, for GIDDENS (1984), agency is equivalent to POWER. In this way Giddens opposes any simple polarization of'S tructure’ and ‘agency’. This is related to his view that STRUCTURE must be seen as ‘enabling’ as well as ‘constraining’ (see also STRUCTURE AND AGENCY, DUALITY OF STRUCTURE).
Agency a civil law contract under which one party, the agent, binds himself to perform specified legal acts, such as acquisition of property or making payments, in the name and on the account of another party, the principal. In the USSR, a contract of agency is one of the legal means to secure participation by citizens and organizations in civil turnover, such as conclusion of deals, through the assistance of other persons. The agent’s performance of legal acts with respect to third persons is based on his being given power of attorney. The principal is obligated to pay the agent a fee if this is provided for by law or the contract. agency1. A relationship by which one party, usually the agent, is empowered to enter into binding transactions affecting the legal rights of another party, usually called the principal, as, for example, entering into a contract or buying or selling property in his name or on his behalf. 2. An administrative branch of government (federal, state, or local).agency
agency [a´jen-se] an organization that performs actions for other people, particularly of a service nature.home health agency a public agency or private organization that is primarily engaged in providing skilled or paraprofessional home health care to individuals in out-of-hospital settings, such as private homes, boarding homes, hospices, shelters, and so on. Its policies must be established and supervised by professional personnel, including one or more physicians and one or more registered nurses. It must maintain clinical records on all patients. In states with laws licensing such agencies, it must be licensed pursuant to such laws and approved as meeting the standards established for such licensing. It must also meet certain other requirements as specified in the Social Security Act, section 1861 (o).Agency A generic term for a governmental or non-governmental organisation which is responsible for delivering services and for which workers may work for pay or as volunteers.
Legal A relationship established between two parties in which one party (the agent) is empowered to act on behalf of the other (the principal).
Managed care An organization, enterprise or governmental body.agency
Related to agency: Agency theory, Job agencyAgencyA consensual relationship created by contract or by law where one party, the principal, grants authority for another party, the agent, to act on behalf of and under the control of the principal to deal with a third party. An agency relationship is fiduciary in nature, and the actions and words of an agent exchanged with a third party bind the principal. An agreement creating an agency relationship may be express or implied, and both the agent and principal may be either an individual or an entity, such as a corporation or partnership. Under the law of agency, if a person is injured in a traffic accident with a delivery truck, the truck driver's employer may be liable to the injured person even if the employer was not directly responsible for the accident. That is because the employer and the driver are in a relationship known as principal-agent, in which the driver, as the agent, is authorized to act on behalf of the employer, who is the principal. The law of agency allows one person to employ another to do her or his work, sell her or his goods, and acquire property on her or his behalf as if the employer were present and acting in person. The principal may authorize the agent to perform a variety of tasks or may restrict the agent to specific functions, but regardless of the amount, or scope, of authority given to the agent, the agent represents the principal and is subject to the principal's control. More important, the principal is liable for the consequences of acts that the agent has been directed to perform. A voluntary, Good Faith relationship of trust, known as a fiduciary relationship, exists between a principal and an agent for the benefit of the principal. This relationship requires the agent to exercise a duty of loyalty to the principal and to use reasonable care to serve and protect the interests of the principal. An agent who acts in his or her own interest violates the fiduciary duty and will be financially liable to the principal for any losses the principal incurs because of that breach of the fiduciary duty. For example, an agent who accepts a bribe to purchase only the goods from a particular seller breaches his fiduciary duty by taking the money, since it is the agent's duty to work only for the best interests of the principal. An agency relationship is created by the consent of both the agent and the principal; no one can unwittingly become an agent for another. Although a principal-agent relationship can be created by a contract between the parties, a contract is not necessary if it is clear that the parties intend to act as principal and agent. The intent of the parties can be expressed by their words or implied by their conduct. Perhaps the most important element of a principal-agent relationship is the concept of control: the agent agrees to act under the control or direction of the principal. The extent of the principal's control over the agent distinguishes an agent from an Independent Contractor, over whom control and supervision by the principal may be relatively remote. An independent contractor is subject to the control of an employer only to the extent that she or he must produce the final work product that she or he has agreed to provide. Independent contractors have the freedom to use whatever means they choose to achieve that final product. When the employer provides more specific directions, or exerts more control, as to the means and methods of doing the job—by providing specific instructions as to how goods are to be sold or marketed, for example—then an agency relationship may exist. The agent's authority may be actual or apparent. If the principal intentionally confers express and implied powers to the agent to act for him or her, the agent possesses actual authority. When the agent exercises actual authority, it is as if the principal is acting, and the principal is bound by the agent's acts and is liable for them. For example, if an owner of an apartment building names a person as agent to lease apartments and collect rents, those functions are express powers, since they are specifically stated. To perform these functions, the agent must also be able to issue receipts for rent collected and to show apartments to prospective tenants. These powers, since they are a necessary part of the express duties of the agent, are implied powers. When the agent performs any or all of these duties, whether express or implied, it is as if the owner has done so. A more complicated situation arises when the agent possesses apparent authority. In this case, the principal, either knowingly or even mistakenly, permits the agent or others to assume that the agent possesses authority to carry out certain actions when such authority does not, in fact, exist. If other persons believe in good faith that such authority exists, the principal remains liable for the agent's actions and cannot rely on the defense that no actual authority was granted. For instance, suppose the owner of a building offers it for sale and tells prospective buyers to talk to the rental agent. If a buyer enters into a purchase agreement with the agent, the owner may be liable for breaching that contract if she later agrees to sell the building to someone else. The first purchaser relied on the apparent authority of the agent and will not be penalized even if the owner maintains that no authority was ever given to the agent to enter into the contract. The owner remains responsible for acts done by an agent who was exercising apparent authority. The scope of an agent's authority, whether apparent or actual, is considered in determining an agent's liability for her or his actions. An agent is not personally liable to a third party for a contract the agent has entered into as a representative of the principal so long as the agent acted within the scope of her or his authority and signed the contract as agent for the principal. If the agent exceeded her or his authority by entering into the contract, however, the agent is financially responsible to the principal for violating her or his fiduciary duty. In addition, the agent may also be sued by the other party to the contract for Fraud. The principal is generally not bound if the agent was not actually or apparently authorized to enter into the contract. With respect to liability in tort (i.e., liability for a civil wrong, such as driving a car in a negligent manner and causing an accident), the principal is responsible for an act committed by an agent while acting within his or her authority during the course of the agent's employment. This legal rule is based on respondeat superior, which is Latin for "let the master answer." The doctrine of Respondeat Superior, first developed in England in the late 1600s and adopted in the United States during the 1840s, was founded on the theory that a master must respond to third persons for losses negligently caused by the master's servants. In more modern terms, the employer is said to be vicariously liable for injuries caused by the actions of an employee or agent; in other words, liability for an employee's actions is imputed to the employer. The agent can also be liable to the injured party, but because the principal may be better able financially to pay any judgment rendered against him or her (according to the "deep-pocket" theory), the principal is almost always sued in addition to the agent. A principal may also be liable for an agent's criminal acts if the principal either authorized or consented to those acts; if the principal directed the commission of a crime, she or he can be prosecuted as an Accessory to the crime. Some state and federal laws provide that a corporation may be held criminally liable for the acts of its agents or officers committed in the transaction of corporate business, since by law a corporation can only act through its officers. An agent's authority can be terminated only in accordance with the agency contract that first created the principal-agent relationship. A principal can revoke an agent's authority at any time but may be liable for damages if the termination violates the contract. Other events—such as the death, insanity, or Bankruptcy of the principal—end the principal-agent relationship by operation of law. (Operation of law refers to rights granted or taken away without the party's action or cooperation, but instead by the application of law to a specific set of facts.) The rule that death or insanity terminates an agent's authority is based on the policy that the principal's estate should be protected from potential fraudulent activity on the part of the agent. Some states have modified these common-law rules, allowing some acts of the agent to be binding upon other parties who were not aware of the termination. Further readings Gregory, William A. 2001. The Law of Agency and Partnership. 3d ed. St. Paul, Minn.: West Group. Hynes, J. Dennis. 2001. Agency, Partnership, and the LLC in a Nutshell. 2d ed. St. Paul, Minn.: West Group. Cross-references Contracts; Fiduciary; Good Faith; Imputed; Liability; Master and Servant; Respondeat Superior; Vicarious Liability. agencyn. the relationship of a person (called the agent) who acts on behalf of another person, company, or government, known as the principal. "Agency" may arise when an employer (principal) and employee (agent), asks someone to make a delivery or names someone as an agent in a contract. The basic rule is that the principal becomes responsible for the acts of the agent, and the agent's acts are like those of the principal (Latin: respondeat superior). Factual questions arise such as: was the agent in the scope of employment when he/she ran down the little child, got drunk and punched someone, or sold impure wheat? There is also the problem of whether the principal acted in such a way as to make others believe someone was his agent--this is known as "apparent" or "ostensible" authority. When someone who is or is not an employee uses company business cards, finance documents, or a truck with the company logo, such use gives apparent authority as an agent. (See: authority, agent, scope of employment, respondeat superior) agency a legal arrangement (which is not a TRUST), utilized especially in business, under which one person acts on behalf of another. An agency maybe expressly created or be implied from a course of dealing or conduct; it maybe limited to a particular transaction or cover a whole course of dealing; it may be limited as to time, or not. Thus, an agent is a person appointed by another (the principal) to represent that other or to act on his behalf Often an agent will negotiate contractual arrangements on behalf of his principal with third parties. In the law of PARTNERSHIP, every partner is an agent of the firm and of his other partners for the purposes of the business of the partnership. Under the rules of company law, directors are agents of the company for which they act, and as such the general principles of the law of agency in many respects regulate the relationship of the company and its directors. Agents are obliged to keep proper accounts of money and assets passing through their hands in the course of their agency and to render such accounts to their principals. An agent is under a strict duty to make full disclosure of any interests he may have in the transaction he is to perform. An agency may be terminated by operation of law: - (i) by the death of either party
- (ii) by the insanity of either party
- (iii) by the bankruptcy of either party
- (iv) by frustration of the agency agreement.
Where a person signs a bill as drawer, indorser or acceptor and adds words to his signature indicating that he signs for or on behalf of a principal, he will not be personally liable thereon. However, merely designating himself as agent without intimating for whom he is signing will not be sufficient to confer this immunity. There is a special European regime for commercial agents, which requires, among other things, that such contracts be in writing, that reasonable payment is presumed and that compensation is paid on termination. See APPARENT AUTHORITY, DEL CREDERE AGENCY, FACTOR, FOREIGN PRINCIPAL, IRREVOCABLE AUTHORITY, MANDATE, OSTENSIBLE AUTHORITY, COMMERCIAL AGENT. AGENCY, contracts. An agreement, express, or implied, by which one of theparties, called the principal, confides to the other, denominated the agent,the management of some business; to be transacted in his name, or on hisaccount, and by which the agent assumes to do the business and to render anaccount of it. As a general rule, whatever a man do by himself, except invirtue of a delegated authority, he may do by an agent. Combee's Case, 9 Co.75. Hence the maxim qui facit per alium facit per se.
2. When the agency express, it is created either by deed, or in writingnot by deed, or verbally without writing. 3 Chit. Com. Law 104; 9 Ves. 250;11 Mass. Rep. 27; Ib. 97, 288; 1 Binn. R. 450. When the agency is notexpress, it may be inferred from the relation of the parties and the natureof the employment, without any proof of any express appointment. 1 Wash. R.19; 16 East, R. 400; 5 Day's R. 556.
3. The agency must be antecedently given, or subsequently adopted; andin the latter case there must be an act of recognition, or an acquiescencein the act of the agent, from which a recognition may be fairly implied. 9Cranch, 153, 161; 26 Wend. 193, 226; 6 Man. & Gr. 236, 242; 1 Hare & Wall.Sel. Dec. 420; 2 Kent, Com. 478; Paley on Agency; Livermore on Agency.
4. An agency may be dissolved in two ways - 1, by the act of theprincipal or the agent; 2, by operation of law.
5.-1. The agency may be dissolved by the act of one of the parties.1st. As a general rule, it may be laid down that the principal has a rightto revoke the powers which he has given; but this is subject to someexception, of which the following are examples. When the principal hasexpressly stipulated that the authority shall be irrevocable, and the agenthas an interest in its execution; it is to be observed, however, thatalthough there may be an express agreement not to revoke, yet if the agenthas no interest in its execution, and there is no consideration for theagreement, it will be considered a nude pact, and the authority may berevoked. But when an authority or power is coupled with an interest, or whenit is given for a valuable consideration, or when it is a part of asecurity, then, unless there is an express stipulation that it shall berevocable, it cannot be revoked, whether it be expressed on the face of theinstrument giving the authority, that it be so, or not. Story on Ag. 477;Smith on Merc. L. 71; 2 Liv. on Ag. 308; Paley on Ag. by Lloyd, 184; 3 Chit.Com. f. 223; 2 Mason's R. 244; Id. 342; 8 Wheat. R. 170; 1 Pet. R. 1; 2Kent, Com. 643, 3d edit.; Story on Bailm. Sec. 209; 2 Esp. R. 665; 3 Barnw.& Cressw. 842; 10 Barnw. & Cressw. 731; 2 Story, Eq. Jur. Sec. 1041, 1042,1043
6.-2. The agency may be determined by the renunciation of the agent.If the renunciation be made after it has been partly executed, the agent byrenouncing it, becomes liable for the damages which may thereby be sustainedby his principal. Story on Ag. Sec. 478; Story on Bailm. Sec. 436; Jones onBailm. 101; 4 John r. 84.
7.-2 The agency is revoked by operation of law in the followingcases: 1st. When the agency terminates by the expiration of the period,during which it was to exist, and to have effect; as, if an agency becreated to endure a year, or till the happening of a contingency, it becomesextinct at the end or on the happening of the contingency.
8.-2. When a change of condition, or of state, produces an incapacityin either party; as, if the principal, being a woman, marry, this would be arevocation, because the power of creating an agent is founded on the rightof the principal to do the business himself, and a married woman has no suchpower. For the same reason, when the principal becomes insane, the agency isipso facto revoked. 8 Wheat. R. 174, 201 to 204; Story on Ag. Sec. 481;Story on Bailm. Sec. 206. 2 Liv. on Ag. 307. The incapacity of the agentalso amounts to a revocation in law, as in case of insanity, and the like,which renders an agent altogether incompetent, but the rule does notreciprocally apply in its full extent. For instance, an infant or a marriedwoman may in some cases be agents, although they cannot act for themselves.Co. Litt. 52a.
9.-3. The death of either principal or agent revokes the agency,unless in cases where the agent has an interest in the thing actually vestedin the agent. 8 Wheat. R. 174; Story on Ag. Sec. 486 to 499; 2 Greenl. R.14, 18; but see 4 W. & S. 282; 1 Hare & Wall. Sel. Dec. 415.
10.-4. The agency is revoked in law, by the extinction of thesubject-matter of the agency, or of the principal's power over it, or by thecomplete execution of the trust. Story on Bailm. Sec. 207, Vide generally, 1Hare & Wall. Sel. Dec. 384, 422; Pal. on Ag.; Story on Ag.; Liv. on Ag.; 2Bouv. Inst. n. 1269-1382. agency
AgencyIn context of general equities, buying or selling for the account and risk of a customer. Generally, an agent, or broker, acts as intermediary between buyer and seller, taking no financial risk personally or as a firm, and charging a commission for the service. The broker represents a customer buyer/seller to a customer seller/buyer and does not act as principal for the firm's own trading account. Antithesis of principal. See: Dealer.Agency BondA debt obligation owed by an agency of the U.S. Government. While similar to a Treasury security, agency bonds are issued by a particular agency of the federal government, rather than the federal government itself. These agencies include Ginnie Mae, the Federal Farm Credit Bank, and the U.S. Postal Service. With the exceptions of the Postal Service and the Tennessee Valley Authority, all these obligations are guaranteed by the U.S. Government. They offer higher interest rates than Treasury securities. They are less formally called agencies.agency1. A security issued by a federal agency or federally sponsored corporation. See also federal agency security, federally sponsored corporate security.2. A relationship between an agent and a principal in which the agent acts for and represents the principal on the basis of the principal's instructions.agencyA relationship in which the principal gives an agent the right to act on the principal's behalf and to exercise some business judgment and discretion.Agents owe very high degrees of loyalty,good faith,and confidentiality to their principals,often expressed as fiduciary obligations.Except for the agency coupled with an interest, agency relationships automatically terminate when the principal dies or becomes incapacitated. Agents do not have to receive payment for their services, and the agency agreement does not have to be in writing unless it relates to transferring an interest in real estate.The consequence is that many people enter into principal-agent relationships almost accidentally,being unaware of the responsibilities and obligations each has to the other. • There is a great variety of agency relationships that arise in a number of ways. All states have statutes regulating real estate agents and defining their duties and responsibilities, but this is by no means the exclusive method of defining the relationship or its obligations. • Agency by estoppel arises when a principal allows someone to engage in such activities that the public is justified in believing the person is acting as an agent, even if the person had no such authority. This becomes important when someone makes commitments he or she had no authority to make, and an innocent third party, relying on those commitments, suffers an injury. The principal will not be allowed to avoid the commitment by claiming the supposed agent had no authority, because the law will impose an agency by estoppel. • Exclusive agency is a real estate sales relationship in which the owner of property grants a particular agent the exclusive right to market the property and secure buyers, but the owner retains the right to sell the property himself or herself and pay no commission at all. Contrast with an open listing, in which the owner agrees to pay a commission to any real estate professional who brings a buyer to the closing table. Contrast also with an exclusive right to sell agreement, in which not only does the agent have an exclusive agency, but even if the owner sells the property, the agent receives a commission. • General agency occurs when the agent is empowered to do all acts in connection with a particular trade, business, or employment. Contrast with special agency, in which the agent is authorized to conduct a single transaction or series of transactions not involving a continuing relationship. Real estate agents are special agents. • Agency by ratification arises when one purports to act on behalf of a principal, without true authority, but the principal later learns of the act, ratifies it, and agrees to be bound. Requires some proof that the principal made a conscious decision to ratify the act. Contrast with agency by estoppel, in which the principal becomes bound because of his or her negligence, not because of any conscious decision. • Agency coupled with an interest is a special relationship that arises when the agent also has an interest in the property with which he or she is dealing. This agency will not automatically terminate upon the death of the principal. • Types of real estate agency:
¦ Alisting agent represents the seller of a property.
¦ Aselling agent works with the buyer, but may be a subagent of the seller or an agent of the buyer. Real estate agents must disclose which party they are representing, before someone accidentally reveals any confidential information.
¦ Adual agent is supposed to represent both the buyer and seller, but this is virtually impossible for one person to do. The status arises most often when one real estate agent in an office represents the seller and another real estate agent in the same office represents the buyer; then the broker is technically considered a dual agent. In such situations the broker must take care that each agent not reveal confidential information to the other.
¦ Atransaction agent is technically no agent at all, but is simply a facilitator who uses superior knowledge of real estate customs and practices to assist buyers and sellers. See AGY
See AGYagency
Related to agency: Agency theory, Job agencySynonyms for agencynoun businessSynonyms- business
- company
- office
- firm
- department
- organization
- enterprise
- establishment
- bureau
noun mediumSynonyms- medium
- work
- means
- force
- power
- action
- operation
- activity
- influence
- vehicle
- instrument
- intervention
- mechanism
- efficiency
- mediation
- auspices
- intercession
- instrumentality
Synonyms for agencynoun that by which something is accomplished or some end achievedSynonyms- agent
- instrument
- instrumentality
- instrumentation
- intermediary
- mean
- mechanism
- medium
- organ
noun a component of government that performs a given functionSynonyms- arm
- branch
- department
- division
- organ
- wing
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