ADMS 2610 Lecture 9: Lecture 9 - Agency ADMS 2610
9 Dec 2017
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Agent (a) - person acting for another person. Principal (p) - the person who the agent acts on his behalf. Third party (t) - the party that the agent contracts with. Agent and principal : good to have a contract but you don"t have to have it. Agent is going to sign the contract on behalf of the principal to establish the relationship between principal and third partners (via agent). In the test, the agent will be both negotiating and signing the contract. Fiduciary duty : agents always have to put the principals interests first before his or her own personal interests. Obey lawful instructions/agency agreement i. e. act within scope of authority. Inform principal of any important information (i. e. any information that might influence principal"s decision). Agent is going to sign the contract on behalf of the principal to establish the relationship between. Fiduciary duty : agents always have to put the principals interests first before his or her own.
