Ch 20: ORELA Business Education: Agency Law

About This Chapter

Review the short and engaging video lessons in this chapter to get reacquainted with agency law. You can take self-assessment quizzes and a chapter exam to test your comprehension as you study for the ORELA Business Education assessment.

ORELA Business Education: Agency Law - Chapter Summary

Take a closer look at agency law with help from the lessons in this chapter. Instructors explore concepts that can prepare you to answer questions on the ORELA Business Education assessment. In no time, you could be ready to:

  • Define and identify the principles and problems associated with agency relationship
  • Explain fiduciary duties of an agent
  • Identify duties and responsibilities of a principal
  • Describe contract liability and authority of a principal
  • Provide details about the contractual liability of an agent
  • Share the meaning of tort liability in agency relationships
  • Discuss the process of terminating agency relationships

The lessons offer access to videos you can watch anytime and from any device. Your instructors are subject-matter experts who have a wealth of knowledge in agency law, and they'll provide the information you need at a pace that works for you.

7 Lessons in Chapter 20: ORELA Business Education: 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

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Other Chapters

Other chapters within the ORELA Business Education: Practice & Study Guide course

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