What is an agency? An agency is a relationship which arises whenever one person (the agent) acts on behalf of another person (the principal) and has the power to affect the principal’s legal position with regard to a third party. In practice, the two most important functions of an agent are: Making contracts on his […]
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AGENCY Agency is the relationship which arises whenever one person (the agent) acts on behalf of another person (the principal) and has power to affect the principal’s legal position with regard to a third party. In practice, the two most important function of an agent are: Making contracts on his principal’s behalf Disposing of his
TYPES OF AGENCY An agent could belong to one of the following classification: Universal Agent – An agent has given unlimited or unrestricted power to enter into any type of business contract on behalf of the principal. General Agent – An agent that has authority to act in all matters relating to a particular business.