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Lesson 1, Topic 1
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9.3 Parties to the agency relationship

  1. Principal: The principal is the individual or entity that grants authority to an agent to act on their behalf. The principal’s interests are represented by the agent, and the agent is expected to act in the best interests of the principal.
  2. Agent: The agent is the individual or entity authorized by the principal to act on their behalf. Agents owe fiduciary duties to the principal, including a duty of loyalty, care, and good faith.
  3. Third parties: Third parties are individuals, entities, or organizations with whom the agent interacts on behalf of the principal. These parties may be customers, vendors, clients, or any other entities involved in transactions or negotiations with the principal through the agent.

 

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