About This Chapter
How it works:
- Begin your assignment or other introductory business law work.
- Identify the role of agency in business law concepts that you're stuck on.
- Find fun videos on the topics you need to understand.
- Press play, watch and learn!
- Complete the quizzes to test your understanding.
- As needed, submit a question to one of our instructors for personalized support.
Who's it for?
This chapter of our introductory business law tutoring solution will benefit any student who is trying to learn the role of agency in business law and earn better grades. This resource can help students including those who:
- Struggle with understanding fiduciary duties, contractual liability or any other role of agency in business law topic
- Have limited time for studying
- Want a cost effective way to supplement their business learning
- Prefer learning business visually
- Find themselves failing or close to failing their role of agency in business law unit
- Cope with ADD or ADHD
- Want to get ahead in introductory business law
- Don't have access to their business teacher outside of class
Why it works:
- Engaging Tutors: We make learning the role of agency in business law simple and fun.
- Cost Efficient: For less than 20% of the cost of a private tutor, you'll have unlimited access 24/7.
- Consistent High Quality: Unlike a live business law tutor, these video lessons are thoroughly reviewed.
- Convenient: Imagine a tutor as portable as your laptop, tablet or smartphone. Learn the role of agency in business law on the go!
- Learn at Your Pace: You can pause and rewatch lessons as often as you'd like, until you master the material.
- Learn the different types of agency, such as expressed, implied principal and ratification.
- Understand the three fiduciary duties agents owe to their principals.
- Study the duties of the principal, including compensation, indemnification and cooperation.
- Learn about actual and apparent authority.
- Discover when liability will be imposed on an agent.
- Examine tort liability in agency relationships.
- Find out how agency relationships are terminated.
1. Agency Relationship: Definition, Principles & Problems
Agency relationships always involve an agent and a principal, though the agency relationship can arise in various ways. This lesson explains agency relationships.
2. Fiduciary Duties of an Agent
Agency relationships are fiduciary relationships. This means the agent is obligated to act in the best interests of the principal. This lesson explains the fiduciary duties agents owe to their principals.
3. Duties and Responsibilities of a Principal
Agency relationships require both a principal and an agent. Each of these parties owes certain duties and obligations to the other. This lesson explains the obligations principals owe to their agents.
4. Contractual Liability & Authority of a Principal
Many business transactions are conducted through the use of agency relationships. This means an agent conducts business on behalf of a principal. This lesson discusses the liability of a principal for contracts made by an agent.
5. Contractual Liability of an Agent
An agent with authority normally can't be held personally liable for a contract made on behalf of a principal. This lesson explains those special circumstances when an agent may be held liable for a contract.
6. Tort Liability in Agency Relationships: Definition & Law
In certain circumstances, a principal will be held liable for his or her agent's torts. This lesson explains the liability of a principal for an agent's torts, including the doctrine of respondeat superior.
7. Terminating Agency Relationships
Many business transactions are conducted using agency relationships. The agent's actions can bind the principal, so it's important to know when the agency relationship ends. This lesson discusses terminating agency relationships.
Earning College Credit
Did you know… We have over 95 college courses that prepare you to earn credit by exam that is accepted by over 2,000 colleges and universities. You can test out of the first two years of college and save thousands off your degree. Anyone can earn credit-by-exam regardless of age or education level.
To learn more, visit our Earning Credit Page
Transferring credit to the school of your choice
Not sure what college you want to attend yet? Study.com has thousands of articles about every imaginable degree, area of study and career path that can help you find the school that's right for you.
Other chapters within the Business Law: Tutoring Solution course
- History of American Law: Tutoring Solution
- Sources of Law: Tutoring Solution
- Constitutional Law: Tutoring Solution
- American Legal Systems: Tutoring Solution
- Legal Procedures: Tutoring Solution
- Contract Law Basics: Tutoring Solution
- Capacity in Contract Law: Tutoring Solution
- Contract Law and Third Party Beneficiaries: Tutoring Solution
- Contracts: Assignment and Delegation: Tutoring Solution
- Contracts: Statute of Frauds: Tutoring Solution
- Contracts: Scopes and Meanings: Tutoring Solution
- Contracts: Breach of Contract: Tutoring Solution
- Contracts: Discharge of Contracts: Tutoring Solution
- The Legal Environment: Tutoring Solution
- Securities and Antitrust Law: Tutoring Solution
- Property Law: Tutoring Solution
- Employment and Labor Law: Tutoring Solution
- Creditors' Rights: Tutoring Solution
- Product Liability and Consumer Protection: Tutoring Solution
- International Business Law: Tutoring Solution
- Torts in Business Law: Tutoring Solution
- Types of Business Organizations: Tutoring Solution
- Sales & the Law: Tutoring Solution