Understanding Business and Personal LawChapter 18:
Creation of an AgencyChapter OverviewsReady to Learn?
Agency describes a relationship in which one person, called an agent, represents another person, called a principal, in some sort of business transaction with a third party. An agent can negotiate deals, enter into contracts, and perform a variety of other business tasks for the principal. Agents can be distinguished in two ways—by the extent of their authority and how the agents relate to one another. When you study this chapter, you will understand agency relationships and your rights and duties in such situations.  | 
