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  2. Law of agency

    The law of agency is an area of commercial law dealing with a set of contractual, quasi-contractual and non-contractual fiduciary relationships that involve a person, called the agent, that is authorized to act on behalf of another (called the principal) to create legal relations with a third party.
    en.wikipedia.org/wiki/Law_of_agency
    en.wikipedia.org/wiki/Law_of_agency
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    What is agency law?Agency law is the common law doctrine controlling relationships between agents and principals. A principal-agent relationship is created when the agent is given authority to act for the principal.
    What is an agent in commercial law?An agent in commercial law (also referred to as a manager) is a person who is authorized to act on behalf of another (called the principal or client) to create a legal relationship with a third party.
    What is agent law?Agency law allows an individual to employ another to acquire property, carry out work, and sell goods and services on his/her behalf. A principal can authorize the agent to carry out various functions or restrict the agent to the performance of specific functions.
    How does the law of agency affect a contract?The law of agency thus governs the legal relationship in which the agent deals with a third party on behalf of the principal. The competent agent is legally capable of acting for this principal vis-à-vis the third party. Hence, the process of concluding a contract through an agent involves a twofold relationship.
     
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