How is an agency contract or relationship formed?
Generally, there isn’t a formal process to form an agency relationship. Thus, an agency agreement can be made orally or written. However, an exception to this rule is the statute of frauds which will require that an agency contract be made in writing if it cannot be performed within one year from the time that the contract was entered into (discussed later). Any agency relationship or contract will exist if:
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What is an agency relationship?
An agency is defined as a legal relationship in which one individual (or entity) appoints a separate individual (or entity) to act on their behalf.