What are an agent’s duties to the principal?
There are several key responsibilities an agent has with respect to the principal. This includes the duty of loyalty, duty to act in accordance with the express and implied terms of a contract, duty of care competence, and diligence, duty of good conduct, and duty to comply with the principal’s lawful instructions.
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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 […]
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.