LAW 3220 Lecture Notes - Lecture 3: American Law Institute, Independent Contractor, Fiduciary
Document Summary
Unit 3 study guide - very thouroughly complete this guide and you should be able to answer all the questions on the exam. Chapter 11 (11-1) recognize, define, and give examples of an agency relationship. Agency: a legal relationship in which the parties agree, in some form, that one party will act as an agent for another party, called the principal, subject to the control of the principal. Agent: one who agrees to act and is authorized to act on behalf of another, a principal, to legally bind the principal in particular business transactions with third parties pursuant to an agency relationship. Agency relationships are common and essential in the business environment; a common form of agency arises in an employer- employee relationship. In all agency relationships, the principal authorizes the agent to provide services or accomplish some task on behalf of the. Legal requirements for creating an agency principal and under the principal"s charge.
