Agency, Agent

Legal Definition and Related Resources of Agency, Agent

Meaning of Agency, Agent

A relationship by which one person represents or acts for another with the latter’s authority . An agent is one who so acts under the authority of that other person called his principal . An agent may be a gratuitous person, who cannot be compelled by a principal to act as an agent, unless the contract of agency is under seal. where the agent is entitled to be paid for his services, the principal is entitled to demand the normal services of the agent and an account from his agent. An agency may also be created by law. See Agency by estoppel , agency of necessity . The term agency also designates a place where the business of a company or an individual is transacted by an agent. See also Restatement, Second, Agency Section 1

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Legal Abbreviations and Acronyms

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