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- Learn the different types of agency, such as expressed, implied principal and ratification.
- Understand the three fiduciary duties agents owe to their principals.
- Study the duties of the principal, including compensation, indemnification and cooperation.
- Learn about actual and apparent authority.
- Discover when liability will be imposed on an agent.
- Examine tort liability in agency relationships.
- Find out how agency relationships are terminated.
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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