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Agent

Financial Definition of Agency Theory

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Meaning of Agency Theory

The analysis of principal-agent relationships, wherein one person, an agent, acts on behalf of anther person, a principal.

International Trade Meaning and Definition of Agent

Someone who represents business in domestic and overseas market. In corporate governance terminology, management is the agent of the principal stakeholders in a principal-agent relationship.

What does Agent mean?

Licensed salespersons who represent one or more health insurance companies and presents their products to consumers.

Synonyms of Agent

noun

  • alternate
  • appointee
  • assistant
  • delegate
  • emissary
  • envoy
  • functionary
  • gobetween
  • intermediary
  • intermediate
  • intermedium
  • mediary
  • medium
  • middleman
  • negotiant
  • negotiator
  • procurator
  • proxy
  • representative
  • solicitor
  • substitute
  • Associated Concepts: agent to acceptprocess
  • authorization of an agent
  • bailee
  • common agent
  • employee
  • escrow agent
  • general agent
  • implied agent
  • independent contractor
  • insurance broker
  • joint venture
  • managing agent
  • masterservant relationship
  • owneroperator relationship
  • partnership
  • principal agent relationship
  • real estate agent
  • real estate broker
  • special agent
  • subagents
  • undisclosed agency
  • warranty of authority
  • foreign phrases: Idem agensetpatiens esse non potest
  • A person cannot be at the same time the person acting and the person acted upon
  • Delegatus non potest delegare
  • A representative cannot delegate his authority
  • Qui facit per alium facit per se
  • He who acts by or through another acts for himself

Synonyms of Agent

noun

  • alternate
  • appointee
  • assistant
  • delegate
  • emissary
  • envoy
  • functionary
  • gobetween
  • intermediary
  • intermediate
  • intermedium
  • mediary
  • medium
  • middleman
  • negotiant
  • negotiator
  • procurator
  • proxy
  • representative
  • solicitor
  • substitute
  • Associated Concepts: agent to accept process
  • authorization of an agent
  • bailee
  • common agent
  • employee
  • escrow agent
  • general agent
  • implied agent
  • independent contractor
  • insurance broker
  • joint venture
  • managing agent
  • masterservant relationship
  • owneroperator relationship
  • partnership
  • principal agent relationship
  • real estate agent
  • real estate broker
  • special agent
  • subagents
  • undisclosed agency
  • warranty of authority
  • foreign phrases: Idem agens etpatiens esse non potest
  • A person cannot be at the same time the person acting and the person acted upon
  • Delegatus non potest delegare
  • A representative cannot delegate his authority
  • Qui facit per alium facit per se
  • He who acts by or through another acts for himself

Related Entries of Agency Theory in the Encyclopedia of Law Project

Browse or run a search for Agency Theory in the American Encyclopedia of Law, the Asian Encyclopedia of Law, the European Encyclopedia of Law, the UK Encyclopedia of Law or the Latin American and Spanish Encyclopedia of Law.

Agency Theory in Historical Law

You might be interested in the historical meaning of this term. Browse or search for Agency Theory in Historical Law in the Encyclopedia of Law.

Legal Abbreviations and Acronyms

Search for legal acronyms and/or abbreviations containing Agency Theory in the Legal Abbreviations and Acronyms Dictionary.

What does Agent mean in American Law?

The definition of Agent in the law of the United States, as defined by the lexicographer Arthur Leff in his legal dictionary is:

An “agent” is a person in a legal relationship with another, the principal, such that the agent is given the authority to, and legally can, effect with third parties transactions which are binding for and on the principal. See generally agency. The scope of authority given agents may vary enormously, from the power to effect a small, particular transaction (“Hey kid, run down to the corner and get me a pack of cigarettes; tell Louie to put it on my tab.”), to power to run an entire complex business.

It is also said that an agent is in a fiduciary relationship to the principal, and this is true in at least the widest sense that an agent cannot treat his principal as he would treat any other person with whom he had no special relationship, i.e., at arm’s length. He owes some loyalty to his principal, at least not to betray his interests or his reposed secrets to a third party for the agent’s own gain. But the width and intensity of the agent’s fiduciary responsibility will also vary very widely; a lawyer, for instance, can almost never act against the interests of his client-principal, even after their relationship has been severed, while (subject to some limitations) a real estate broker can represent a new principal against an old one with impunity. See also independent contractor.

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What is Agency Theory?

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English Spanish Translation of Agent

Mandatario, apoderado

Find other English to Spanish translations from the Pocket Spanish English Legal Dictionary (print and online), the English to Spanish to English dictionaries (like Agent) and the Word reference legal translator.

Agent in the American Legislation

Definition of Agent provided by the Uniform Probate Code:

Includes an attorney-in-fact under a durable or nondurable power of attorney, an individual authorized to make decisions concerning another’s health care, and an individual authorized to make decisions for another under a natural death act.

English Legal System: Agent

In the context of the English law, A Dictionary of Law provides the following legal concept of Agent :

1. A person appointed by another (the principal) to act on his behalf, often to negotiate a contract between the principal and a third party. If an agent discloses his principal’s name (or at least the existence of a principal) to the third party with whom he is dealing, the agent himself is not normally entitled to the benefit of, or be liable on, the contract. An undisclosed principal is one whose existence is not revealed by the agent to a third party; he may still be entitled to the benefit of, and be liable on, the contract, but in such cases the agent is also entitled and liable. However, an undisclosed principal may not be entitled to the benefit of a contract if the agency is inconsistent with the terms of the contract or if the third party shows that he wished to contract with the agent personally.

A general agent is one who has authority to act for his principal in all his business of a particular kind, or who acts for the principal in the course of his (the agent’s) usual business or professio A special agent is authorized to act only for a special purpose that is not in the ordinary course of the agent’s business or professio The principal of a general agent is bound by acts of the agent that are incidental to the ordinary conduct of the agent’s business or the effective performance of his duties, even if the principal has imposed limitations on the agent’s authority. But in the case of a special agent, the principal is not bound by acts that are not within the authority conferred. In either case, the principal may ratify an unauthorized contract. An agent for the sale of goods sometimes agrees to protect his principal against the risk of the buyer’s insolvency. He does this by undertaking liability for the unjustifiable failure of the third-party buyer to pay the price of the goods. Such an agent is called a del credere agent.

See also commercial agent; mercantile agent.

2. (in criminal law)

See buggery.

Legal Usage of Agent in English

An European Commission document offers the following explanation about the misused of Agent:In British and Irish English, an ‘agent’ is normally either someone who works for a government intelligence agency (CIA, MOSSAD, MI5, G2) or a person who runs or represents a service agency (travel agent, estate agent). He/she can also be someone who represents the interests of an artist (actor, musician etc.) or, increasingly, someone (not necessarily a direct employee) who represents a company in its dealings with the public (ticket agent, baggage agent, call-centre agent). Its use to mean ‘someone who is employed by the European Union in any capacity’ is incorrect and, incidentally, is not even sanctioned by the Staff Regulations or the Conditions of Employment of Other Servants.

Example

‘The issue of vacancies mainly concerns contract agents; it is not the high turnover as such but rather a matter of finding staff with the appropriate expertise.’

Alternatives

staff, employee, official (‘the problem of vacancies mainly concerns contract staff’).

Resources

Further Reading

  • David Mellinkoff, “Mellinkoff’s Dictionary of American Legal Usage”, West Publishing Company, 1992
  • Bryan A. Garner, “A Dictionary of Modern Legal Usage”, West Publishing Company, 1995

Concept of Agent in the context of Real Property

A short definition of Agent: One who is authorized to act for or represent another (principal), usually in business matters. Authority may be express or implied.

Concept of Agent in the context of Real Property

A short definition of Agent: One who is authorized to act for or represent another (principal), usually in business matters. Authority may be express or implied.

Meaning of Agent in the Past

One who is employed by a prince to manage his private affairs, or, those of his subjects in his name, near a foreign, government. Wolff, Inst. Nat. 1237. [1]

Resources

Notes and References

  1. Partialy, this information about agent is based on the Bouvier´s Law Dictionary, 1848 edition. There is a list of terms of the Bouvier´s Law Dictionary, including agent.

See Also

Agent in the National Security Context

A definition and brief description of Agent in relation to national security is as follows:A person hired or recruited by an intelligence agency to do its bidding. Compare with operative.

Agent

Agent

Meaning of Agent

Resources

See Also

  • CAUSE
  • Principal; Employee
  • Principal
  • Agent
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