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Simple English definitions for legal terms
first-degree principal
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A quick definition of first-degree principal:
A first-degree principal is the most important person in a situation. They are the one who gives permission for someone else to act on their behalf as an agent. This person can be either an apparent principal, who makes it seem like someone else is their agent, or a disclosed principal, whose identity is revealed by the agent to a third party.
A more thorough explanation:
Definition: A first-degree principal is the chief or primary person who is most important in a particular situation. It can also refer to someone who authorizes another person to act on their behalf as an agent.
For example, in a company, the CEO is the first-degree principal because they are the most important person in the organization. In terms of agency law, a person who authorizes another person to act on their behalf is also a first-degree principal.
There are two types of first-degree principals:
- Apparent principal: A person who, by their actions, makes it seem like someone else is authorized to act as their agent. For example, if a store owner allows an employee to handle all customer complaints, the employee may be seen as an apparent principal.
- Disclosed principal: A principal whose identity is revealed by the agent to a third party. For example, if a real estate agent is selling a property on behalf of a homeowner, the homeowner is a disclosed principal.
These examples illustrate the definition of a first-degree principal by showing how they are the most important person in a particular situation or how they authorize someone else to act on their behalf.