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

Agency relationships always involve an agent and a principal, though the agency relationship can arise in various ways. This lesson explains agency relationships.

Fiduciary Duties of an Agent

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.

Duties and Responsibilities of a Principal

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.

Contractual Liability & Authority of a Principal

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.

Contractual Liability of 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.

Tort Liability in Agency Relationships: Definition & Law

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.

Terminating Agency Relationships

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.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
Not Taken
Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

Earning College Credit

Did you know… We have over 200 college courses that prepare you to earn credit by exam that is accepted by over 1,500 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

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

Support