Agency Relationships I Only Need An Intro And Conclusion For

Agency Relationship NameInstitutional affiliationAgency RelationshipIntroductionAn agent is a body or individual that is legally permitted to act on behalf of another person or organization. The person or organization represented by the agent is referred to as the principal. Agents must work on the best interest of the principal, as if the principal was conducting his business by himself. The relationship between the agent and the principal is called the agency relationship. Agents derive the authority to transact business on behalf of the principal through three ways. First, the principal and the agent may have a written or verbal agreement. Second, the agent can imply that the principal has given the authority depending on the circumstance. Finally, the third party can assume that there exist an agency relationship between the principal and the agent. This document will explain the various types of agency relationships, the legal responsibility of the agent and the principal, and how an agency relationship may be terminated. Differences between express, implied and apparent relationship (Schneeman, 2013)Describe when agents are liable tort when acting on behalf of the principal (Beatty & Samuelson, 2007). <span