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the duties that an agent owes a principal must be set forth in the agency agreement because they do not arise by operation of law.

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The duties that an agent owes a principal must be set forth in the agency agreement because they do not arise by operation of law is a false statement.

Which of the following is a responsibility a principal owes to an agent?

As a fiduciary, the agent owes the principal a duty of loyalty, which typically calls for the agent to act solely in the principal's best interests (and not theirs or others) in matters pertaining to the agency.

In the event that an agent breaches a duty, the principal has the right to sue the agent for damages. Agent's obligations include:  an agent must act within the bounds of the power granted to him by his principal. Additionally, he must adhere strictly to his principal's instructions.

Therefore, When the parties' contractual obligations are terminated, the contract is said to be discharged by operation of law.

Learn more about the operation of law from the given link.

https://brainly.com/question/2949729

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