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Ch 23: MTEL Business: Agency Law

About This Chapter

Agency law affects the liability of a principal when working with loans. This chapter of the MTEL Business course reviews the concepts surrounding agency law and gets you ready for the MTEL Business exam.

MTEL Business: Agency Law - Chapter Summary

Various responsibilities and duties are assumed by both sides under agency law. This chapter of video lessons contained in the MTEL Business Study.com course will keep you engaged from beginning to end. Review in order to ensure you are prepared to get your certification by passing the MTEL Business exam so you can continue to teach these ideas to students. The topics included in this chapter are as follows:

  • Principles of agency relationships
  • Duties of agents
  • Responsibilities of principals
  • Liability of principals and agents
  • Tort liability
  • Terminating relationships

These video lessons all come paired with a set of self-assessment quizzes that enable you to track your progress and figure out which areas you need to focus on as your MTEL Business exam date approaches. If any portion of the lesson is causing you trouble, the experts at Study.com are available with one click on your dashboard. They can answer any questions you have.

7 Lessons in Chapter 23: MTEL Business: Agency Law
Test your knowledge with a 30-question chapter practice test
Agency Relationship: Definition, Principles & Problems

1. Agency Relationship: Definition, Principles & Problems

In an agency relationship, the agent legally acts on behalf of the principal. Learn the definition and principles of an agency relationship, explore express and implied agency, and understand the problems involving ratification and estoppel.

Fiduciary Duties of an Agent

2. Fiduciary Duties of an Agent

An agent engages in an agency relationship, under authority granted from the principal, and upholds a series of responsibilities known as Fiduciary Duties. Explore the duties of loyalty, performance, notification, obedience, and accounting in business relationships.

Duties and Responsibilities of a Principal

3. Duties and Responsibilities of a Principal

In business, and specifically in agency relationships, principals execute four main duties to their agents, which is a party legally authorized to act on the behalf of one of the principals. Learn about the duties and responsibilities of the principals, including compensation, indemnification, fair dealing, and fulfillment of agency or contractual duties.

Contractual Liability & Authority of a Principal

4. Contractual Liability & Authority of a Principal

The principal, or legal authorizer, is liable to fulfill contracts agreed upon by an agent acting in their behalf. Learn the details of contractual liability, actual authority, apparent authority in the context of contractual obligations between parties with agents, and principals.

Contractual Liability of an Agent

5. Contractual Liability of an Agent

When acting on behalf of a principal, the agent's legal responsibility, or Contractual Liability, is not as enforceable as the principal's. Learn the concept of agency, fully disclosed, partially-disclosed, and undisclosed principal's, and cases where the agent may be held contractually liable.

Tort Liability in Agency Relationships: Definition & Law

6. Tort Liability in Agency Relationships: Definition & Law

A principal may be held liable for wrongful actions, or torts, taken by an agent. Explore the concept of 'respondeat superior', examples where a principal is held liable, and some where they are not.

Terminating Agency Relationships

7. Terminating Agency Relationships

Agency relationships are business relationships where one party agrees to act on the behalf of the other party. Discover how these relationships operate and two ways that they can be terminated: by acts of the parties or by operation of law.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
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Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
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There are even more practice exams available in MTEL Business: Agency Law.

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Other Chapters

Other chapters within the MTEL Business (19): Practice & Study Guide course

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