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Nemo_Propheta
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Simple English definitions for legal terms
universal agent
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A quick definition of universal agent:
A universal agent is someone who can do anything on behalf of another person. They have the power to act as if they were the person they are representing. For example, if a person hires a universal agent to sell their house, the agent can do everything related to the sale, like showing the house, negotiating the price, and signing the contract. The agent has the authority to act as if they were the owner of the house.A more thorough explanation:
A universal agent is a representative who is authorized to perform all acts that the principal could personally perform. This means that the agent has the power to act on behalf of the principal in any matter, including legal and financial transactions.
For example, a power of attorney that grants a person the authority to act on behalf of another in all matters is an example of a universal agency. The agent can make decisions and take actions on behalf of the principal without any limitations.
Another example of a universal agent is a trustee who is appointed to manage a trust. The trustee has the power to manage all assets in the trust and make decisions about how they are invested or distributed.
Overall, a universal agent has broad powers to act on behalf of the principal and can make decisions in any matter that the principal could personally make.