About This Chapter
Below is a sample breakdown of the Role of an Agency in Business Law chapter into a 5-day school week. Based on the pace of your course, you may need to adapt the lesson plan to fit your needs.
|Day||Topics||Key Terms and Concepts Covered|
|Monday|| Agency relationship: definition, principles and problems; |
Fiduciary duties of an agent
| The roles of the principal and agent in a business relationship; |
The five categories of fiduciary duties
|Tuesday|| Duties and responsibilities of a principal; |
Contractual liability and authority of a principal
| The importance of compensation, indemnification, and good faith and fair dealing; |
An explanation of actual and apparent authority
|Wednesday||Contractual liability of an agent||The differences between disclosed and partially-disclosed principal|
|Thursday||Tort liability in agency relationships: definition and law||Instances in which a principal is liable for an agent's wrongful acts|
|Friday||Terminating agency relationships||Valid legal reasons for the termination of 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.
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