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A Definition of a Principal-Agency Relationship

A principal-agency relationship is simply an arrangement between two parties such that one party (the agent) is authorized to work /perform duties for/on behalf of the other party (the principal).The principal is thus liable to the activities conducted by the agent on their behalf and sets out the terms which the agent must consent to (Kleinberger, 2012). The principal, in this case, entrusts the agent with their activities since whatever the agency does is viewed as the principal’s actions and authorization. These terms can be made verbal/informal or written/formal, and either way, it still binds.

There are different types of principal-agency relationships with the main one being the one between Jose Carcamo, and the company, Sugar Transport of the Northwest.It is referred to as agency by agreement/contract where Jose may have agreed with his principal, sugar transport of northwest to act for them in the capacity of the company’s driver. It is an employer-employee relationship. Sugar Transport of the Northwest Company was/is, therefore, liable to all undertakings by Jose as their driver provided he performs them during work hours or as earlier agreed.

The other relationship type is the agency by ratification where the principal satisfies the actions of another agent whom they had an agreement with their actions, and thus any undertakings by the purported agent are liable to them.

Agency by estoppel is the other principal-agent relationship where here the principal introduces his agent to a

A principal-agency relationship is simply an arrangement between two parties such that one party (the agent) is authorized to work /perform duties for/on behalf of the other party (the principal).The principal is thus liable to the activities conducted by the agent on their behalf and sets out the terms which the agent must consent to (Kleinberger, 2012).

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100008475
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CREATED ON
17 March 2018
COMPLETED ON
19 March 2018
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$43
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