Power of Attorney Lecture Notes

Practice flashcards covering key concepts related to Power of Attorney.

Power of Attorney (PA)

An instrument in writing by which the principal (donor) appoints an agent (donee) and confers authority on the donee to perform certain acts on behalf of the donor.

Donor

The person who grants power to another to act on their behalf in the context of a Power of Attorney.

Donee

The person appointed by the donor to act on their behalf under a Power of Attorney.

Irrevocable Power of Attorney

A Power of Attorney that cannot be revoked by the donor until a specified condition is met, such as a fixed period elapsing or consideration being realized.

Revocable Power of Attorney

A Power of Attorney that can be revoked at any time and for any reason, provided the donee has not yet exercised the power.

Written Instrument

The requirement that a Power of Attorney must be documented in writing to be valid.

Execution

The process of signing and sealing a Power of Attorney to make it legally binding.

Attestation

The act of witnessing the signing of a Power of Attorney, which may not be compulsory but is preferred to ensure validity.

Capacity of Parties

The legal ability of the donor to appoint an attorney to perform acts they could lawfully carry out themselves.

Statutory Declaration

A formal statement made under oath to affirm the validity of a Power of Attorney or to protect a third party's interests.

Death Clause

A provision in a Power of Attorney that allows actions taken by the donee to remain valid until the donor formally revokes the Power of Attorney.

Ratification Clause

A clause indicating that the donor approves and confirms any actions the donee undertakes while acting under the Power of Attorney.

Types of Power of Attorney

Can be categorized as General or Specific, depending on the extent of authority granted.

Features of Power of Attorney

Includes delegation of power, specificity of authority, requirement for written form, and potential for consideration.