Understanding the Essence of the Law of Agency

In the realm of business law, the concept of agency plays a fundamental role in defining relationships and responsibilities between parties. Exploring the law of agency unveils key principles that govern these intricate dynamics, shedding light on the legal framework that underpins business operations and transactions.

The Concept of Agency: An Overview

At its core, agency refers to the relationship between two parties in which one, known as the principal, authorizes the other, known as the agent, to act on their behalf. This relationship gives rise to certain rights, duties, and obligations,