by TheBusinessProfessor | Feb 23, 2025 | Agency Law
What are the types of principal?Principals are categorized based upon whether their identity is disclosed to third parties with whom the agent interacts on their behalf. A principal can be classified as Disclosed, Partially-disclosed, or Undisclosed. These...
by TheBusinessProfessor | Feb 23, 2025 | Agency Law
What is required to form a principal-agent relationship?An agency relationship is created in the following manners: Express Agreement, Implied from the Situation, Estoppel, by Necessity, or Ratified by the Principal. What is an Express Agency Agreement?A principal and...
by TheBusinessProfessor | Feb 23, 2025 | Agency Law
Duties of a Principal to an Agent?The terms of an agency may be laid out in the agency agreement.Generally, a principal owes the following duties to the agent: Duty to Compensate, Duty to Reimburse, and Duty to Indemnify the Agent. What is the Duty to Compensate...
by TheBusinessProfessor | Feb 23, 2025 | Agency Law
Overview of Agency LawAgency law concerns the legal relationship by which one person acts on behalf of another. This chapter will examine the agency relationship and the legal duties owed by the principal and agent. It will focus upon the scope of the agency...
by TheBusinessProfessor | Feb 23, 2025 | Agency Law
What are the types of agent?The principal will lay out the scope of the agency, including the responsibilities and limitations of the agent. Agents generally fall into two categories: General Agent and Limited Agent. What is a Limited Agent?A limited agent has a...
by TheBusinessProfessor | Feb 23, 2025 | Agency Law
When is an Agent Liable for Actions Taken for the Principal? Someone who commits a tort, even if on behalf of a principal, is liable for the tort. The rule is different for contracts. An agent acting within the scope of her authority to contract is not liable to third...
