Introduction

Agency contracts play a pivotal role in various business transactions, allowing individuals or entities to act on behalf of others. Understanding the legal principles governing agency contracts is essential for both parties involved. From defining key terms to outlining legal obligations, this article delves into the fundamental principles of agency contract law.

Defining Agency Contracts

At its core, an agency contract establishes a legal relationship where one party (the agent) acts on behalf of another party (the principal). This contractual arrangement grants the agent the authority to perform certain actions or make decisions on behalf of the principal. However,