Topic
Agency Law
Instructions
Read pages 403-407 of Legal Environment of Business.
Consider the following as you read:
- How is agency law part contract law and part tort law and how do these two combine to shape the working relationship?
Answer preview
Agency law refers to the association between an individual, or “agent,” that acts in behalf of another individual, government or company normally termed as the principal or master. Notably, agency law is a field of commercial legislation dealing that deals with a set of quasi-contractual, contractual as well as non-contractual fiduciary associations that involve an individual known as the agent that is permitted to act on behalf of principal in order to develop legal associations with a third party. Agency law permits principals to act via agents in addition to ensuring that principals relying on agents do no escape liability or other effects of their choices.
Word count: 208