20:49
THATS SO FUNNY
Warning
Info
Warning
Info
LSDefine
Simple English definitions for legal terms
disclosed principal
Read a random definition: natural resource
A quick definition of disclosed principal:
A disclosed principal is someone who gives permission to another person to act on their behalf as an agent. The agent tells a third party who the principal is, so their identity is revealed. This is different from an apparent principal, where someone makes it seem like another person is authorized to act on their behalf, but their true identity is not revealed.
A more thorough explanation:
A disclosed principal is a principal whose identity is revealed by the agent to a third party. This means that the agent has informed the third party that they are acting on behalf of someone else.
For example, if a real estate agent is selling a house on behalf of a homeowner, and they inform the potential buyer that they are acting as an agent for the homeowner, then the homeowner is a disclosed principal.
Another example is if a lawyer is representing a client in a legal matter, and they inform the opposing party that they are acting on behalf of their client, then the client is a disclosed principal.
These examples illustrate the definition of a disclosed principal because in both cases, the agent has informed the third party that they are acting on behalf of someone else. This means that the third party is aware of the principal's identity and can hold them responsible for any actions taken by the agent.