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Sagot :
The statement " In an agency relationship, one party called the principal agrees to represent or act for another called the agent." is false.
Give a brief account on agency relationship.
A connection in which one party appoints another to perform tasks on their behalf is known as an agency relationship. The relationship between a principle and an agent is referred to as an agency relationship when the principal grants the agent the authority to act on the principal's behalf. When someone engages a lawyer to handle legal work for them, this is a typical example of an agency relationship. In this case, the agent is able to fulfill the principal's needs thanks to a legal authorization.
There are numerous distinctive traits in agency relationships. These are a few of those qualities:
- As a result of the relationship's fiduciary status, trust and confidence are its foundations. To be given the authority to act on behalf of the principal, the agent must have the principal's faith and confidence.
- Agency laws control the interaction. These rules make sure that each party fulfils their obligation and complies with their side of the contract. There is a legal connection.
- Consensual relationship exist. The relationship cannot exist without both parties' consent.
To know more about, agency relationship, visit :
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