About This Chapter
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- Students who have fallen behind in understanding agency relationship or working with the various types of agency
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- Press play and watch the video lesson.
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- Test your understanding of each lesson with short quizzes.
- Verify you're ready by completing the Role of Agency in Business Law chapter exam.
Why it works:
- Study Efficiently: Skip what you know, review what you don't.
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Students will review:
This chapter helps students review the concepts in a Role of Agency in Business Law unit of a standard college business course. Topics covered include:
- Fiduciary duties of an agent
- Duties and responsibilities of a principal
- Contractual liability of an agent
- Tort liability in agency relationships
- Terminating agency relationships
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.
8. Apparent Authority: Definition, Cases & Example
After you finish this lesson, you'll understand what constitutes apparent authority. Moreover, you'll examine a case and examples to get a heightened understanding of apparent authority.
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Other chapters within the Business Law: Help and Review course
- History of American Law: Help and Review
- Sources of Law: Help and Review
- Constitutional Law: Help and Review
- American Legal Systems: Help and Review
- Legal Procedures: Help and Review
- Contract Law Basics: Help and Review
- Capacity in Contract Law: Help and Review
- Contract Law and Third Party Beneficiaries: Help and Review
- Contracts - Assignment and Delegation: Help and Review
- Contracts - Statute of Frauds: Help and Review
- Contracts - Scopes and Meanings: Help and Review
- Contracts - Breach of Contract: Help and Review
- Contracts - Discharge of Contracts: Help and Review
- The Legal Environment: Help and Review
- Securities and Antitrust Law: Help and Review
- Property Law: Help and Review
- Employment and Labor Law: Help and Review
- Creditors' Rights: Help and Review
- Product Liability and Consumer Protection: Help and Review
- International Business Law: Help and Review
- Torts in Business Law: Help and Review
- Types of Business Organizations: Help and Review
- Sales & the Law: Help and Review
- Small Business Employment Law
- Consumer Protection
- Essentials of Contract Law