Classnotes Agency - Agency Law Agency The fiduciary...

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Agency Law “Agency”: The fiduciary relationship which results from the manifestation of consent by one person to another that the other shall act in his behalf and subject to his control, and consent by the other so to act.” Restatement (Second) of Agency The legal concept of agency allows one person to act on behalf of another so that partnerships, corporations, and other employers can operate through their associates and employees. Not surprisingly, agencies can only be created for legal purposes. Remember: an agency agreement is a contract, and the usual contract principles apply to agency contracts. “Principal”: The party who engages another person to act on his or her behalf. “Agent”: The party who agrees to act on behalf of the principal. Since agency is a contractual relationship, the parties to an agency relationship must have the capacity to enter into binding contracts. Employer/Employee Relationship The extent of the authority of the agent is determined by the agency contract.
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