About This Chapter
Agency - Chapter Summary and Learning Objectives
Professional instructors can show you the different types of agencies and explain the duties of agents and principals. You'll get details on liabilities associated with agencies and examine actual and apparent authority. You'll also get definitions of key terms associated with this topic. By the end of this chapter you should be familiar with:
- The agency relationship
- Issues and concerns with agency relationships
- Definition of tort liability
- Duties and contractual liabilities
|Agency Relationship: Definition, Principles and Problems||Get the definition of agency. Learn about the different types of agency, including implied and apparent. Find out who is involved in an agency relationship.|
|Contractual Liability & Authority of a Principal||Examine actual versus apparent authority. Define expressed and implied authority. Get info on authorized and unauthorized acts.|
|Contractual Liability of an Agent||Find out how liability is imposed on an agent when authority exists.|
|Tort Liability in Agency Relationships: Definition & Law||See actual cases of tort liability in agency relationships. Learn about its importance in business law.|
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. 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.
3. 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.
4. 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.
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Other chapters within the CLEP Introductory Business Law: Study Guide & Test Prep course
- History of American Law
- Sources of Law
- Constitutional Law
- American Legal Systems
- Legal Procedures
- Contract Law Basics
- Capacity in Contract Law
- Contract Law and Third Party Beneficiaries
- Contracts: Assignment and Delegation
- Contracts: Statute of Frauds
- Contracts: Scopes and Meanings
- Contracts: Breach of Contract
- Contracts: Discharge of Contracts
- The Legal Environment
- Securities and Antitrust Law
- Property Law
- Creditors' Rights
- International Business Law
- Product Liability and Consumer Protection
- Types of Business Organizations
- Torts in Business Law
- Sales & the Law
- CLEP Introductory Business Law Flashcards