Concepts[ edit ] The reciprocal rights and liabilities between a principal and an agent reflect commercial and legal realities. A business owner often relies on an employee or another person to conduct a business. In the case of a corporation, since a corporation can only act through Natural person agents. The principal is bound by the contract entered into by the agent, so long as the agent performs within the scope of the agency.
A relation, created either by express or implied contract or by law, whereby one party called the principal or constituent delegates the transaction of some lawful business or the authority to do certain acts for him or in relation to his rights or property, with more or less discretionary power, to another person called the agent, attorney, proxy, or delegate who undertakes to manage the affair and render him an account thereof.
The contract of agency may be defined to be a contract by which one of the contracting parties confides the management of some affair, to be transacted on his account, to the other party, who undertakes to do the business and render an account of it.
A contract by which one person, with greater or less discretionary power, undertakes to represent another in certain business relations.
A relation between two or more persons, by which one party, usually called the agent or attorney, is authorized to do certain acts for, or in relation to lie rights or property of the other, who is denominated the principal, constituent, or employer.
A person acting on behalf of another under an agency relationship is an agent and must act in good faith and in the best interest of the principal. More On This Topic.The law of agency is an area of commercial law dealing with a set of contractual, quasi-contractual and non-contractual fiduciary relationships that involve a person, called the agent, that is authorized to act on behalf of another (called the principal) to create legal relations with a third party.
Succinctly, it may be referred to as the equal relationship between a principal and an agent. The concept of the SIAA alliance began in with the creation of the first Master Agency – Satellite Agency Network Group (SAN Group) by Jim Masiello, owner of the Masiello Agency in Keene, NH.
All companies have to work with the legal ramifications of hiring and managing employees. One set of rules that applies to the workplace is the concept of agency. Agency represents a legal relationship between an agent and a principal. The technical cooperation programme is the IAEA’s primary mechanism for transferring nuclear technology to Member States, helping them to address key development priorities in areas such as health and nutrition, food and agriculture, water and the environment, industrial applications, and nuclear.
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Agency: Agency, in law, the relationship that exists when one person or party (the principal) engages another (the agent) to act for him—e.g., to do his work, to sell his goods, to manage his business.
The law of agency thus governs the legal relationship in which the agent deals with a third party on.