Irrevocable authority legal definition of irrevocable authority
irrevocable authority certain types of agency agreement are held to be irrevocable:
- (1) authority coupled with an interest, where the underlying purpose of the agency agreement is to protect some interest of the agent;
- (2) executed authority, where the agent has commenced performance of his agency and has incurred liabilities in connection therewith for which his principal must indemnify him;
- (3) statutory authority, where there are certain statutory provisions designed to protect third parties against the effects of revocation of an agent's authority.