182. An "agent" is a person employed to do any act for another or to represent another in dealings with third persons. The person for whom such act is done, or who is so represented, is called the "principal".
An "agent" is a person employed to do any act for another or to represent another in dealings with third persons. The person for whom such act is done, or who is so represented, is called the "principal".
Agency by Necessity
There is also "agency by necessity," in which an agent is appointed to act on behalf of a client who is physically or mentally incapable of making a decision.
This is not always a case of incapacitation.
Business owners, for example, might designate agents to handle unexpected issues that occur in their absence.
For example, if a CEO was on a fligh.
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Agent Liability
An agent is often liable to their principal if they violate their duty or deviate from a reasonable, expected action performed on behalf of the other party.
This may be the result of exceeding the authority they've been given, acting in misconduct, being unreasonably negligent, or any other situation where the principal may incur a loss that could .
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Can a person act as an agent?
Indeed, corporations and organizations must act by agents, either employees, officers or directors.
Further, any person has the capacity to act for another.
Even if a person has legal disability such that his or her contracts are not binding on him or her, s/he may act as agent of another.
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Loyalty Responsibilities of An Agent
Duty of Avoiding Material Benefit
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Performance Responsibilities of An Agent
Duty of Contract
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Types of Agents
Agents come in all types depending on their function and the industry in which they operate.
In general, there are three types of agents: universal agents, general agents, and special agents.
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Understanding An Agent
An agent is someone that is given permission (either explicitly or assumed) to act on an individual's behalf and may do so in a variety of capacities.
This could include selling a home, executing a will, managing a sports career, managing an acting career, being a business representative, and so on.
Agents often have expertise in a specific industr.
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Uses of Agents
People hire agents to perform tasks that they lack the time or expertise to do for themselves.
Investors hire stockbrokers to act as middlemen between them and the stock market.
Athletes and actors hire agents to negotiate contracts on their behalf because the agents are typically more familiar with industry norms and have a better idea of how to p.
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What is agency law?
Agency law governs the legal relationship between two parties in which one gives the authority to act on behalf of the other.
The party who acts for the other is an agent.
The party that gives the agent authority is the principal.
Agency law also defines the relationship among agents, principals, and third parties who interact with them.
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What is an agent in business?
An agent is a person who acts in the name of and on behalf of another, having been given and assumed some degree of authority to do so.
Most organized human activity—and virtually all commercial activity—is carried on through agency.
No corporation would be possible, even in theory, without such a concept.
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What Is An Agent?
An agent, in legal terminology, is a person who has been legally empowered to act on behalf of another person or an entity.
An agent may be employed to represent a client in negotiations and other dealings with third parties.
The agent may be given decision-making authority.
Two common types of agents are attorneys, who represent their clients in l.
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Who is liable if an agent acts for the other?
The party who acts for the other is an agent.
The party that gives the agent authority is the principal.
Agency law also defines the relationship among agents, principals, and third parties who interact with them.
As discussed below, the principal is bound by and liable for the acts of the agent done within the scope of the agent's authority.
