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What Is an Agent?
Agents play a crucial role in business and legal transactions by representing principals and facilitating dealings with third parties.
Oct 17, 2024 at 03:54 am
What Is an Agent?
1. Definition:
An agent is an entity that acts on behalf of another entity, called the principal, with the principal's authority.
2. Types of Agents:
- Actual agents: Have express or implied authority to act on behalf of the principal.
- Apparent agents: Appear to have authority to act on behalf of the principal, but do not actually have it.
- Subagents: Authorized by an actual agent to act on behalf of the principal.
3. Characteristics of Agents:
- Legal capacity: Agents must be legally competent to enter into contracts.
- Authority: Agents derive their authority from the principal.
- Fiduciary duty: Agents have a duty to act in the best interests of their principals.
- Accountability: Agents are responsible for their actions to the principal.
4. Principal-Agent Relationship:
- Created by an agency contract, which defines the agent's duties and authority.
- The principal retains ultimate control over the agency relationship.
- The agent represents the principal in dealings with third parties.
5. Rights and Responsibilities of Agents:
Rights:
- To receive compensation
- To be reimbursed for expenses
- To obtain indemnification from the principal
Responsibilities:
- To act in accordance with the principal's instructions
- To exercise due care and diligence
- To keep the principal informed
- To account for their actions
6. Termination of Agency:
- By mutual agreement
- By operation of law (e.g., principal's death, agent's incapacity)
- By act of one party (e.g., revocation by principal, resignation by agent)
7. Significance of Agents:
- Facilitate transactions between parties
- Allow principals to delegate tasks
- Provide flexibility and specialization in business and legal matters
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