Definition Of Agency In Law

Authorized agency official means the head of an agency or an official who is authorized to act for the head of the agency in the matter concerned.

Definition of agency in law. The article explains the contract of agency in a descriptive manner along with how the contract of agency is created and its characteristics. Definition of the law of agency. The law of agency is an area of commercial law dealing with a set of contractual quasi contractual and non contractual fiduciary relationships that involve a person called the agent that is authorized to act on behalf of another called the principal to create legal relations with a third party. Law can be bewildering because the laws of the various jurisdictions federal state and local are sometimes in conflict.

The law dictionary featuring black s law dictionary free online legal dictionary 2nd ed. Succinctly it may be referred to as the equal relationship between a principal and an agent. Law is not static. A consensual relationship created by contract or by law where one party the principal grants authority for another party the agent to act on behalf of and under the control of the principal to deal with a third party.

Relationships that are commonly associated with agency law include employer employee administrator decedent or executor and guardian ward. A relation created either by express or implied contract or by law whereby one party called the principal or constituent delegates the transaction of. The competent agent is legally capable of acting for this principal vis à. Agents can make decisions enter legal relationships and perform other activities on behalf of their principals and third parties rely on agents to conduct business.

The definition of agency law deals with agent principal relationships. Law in the united states is a mosaic of statutes treaties case law administrative agency regulations executive orders and local laws. The law of agency is a body of law surrounding situations where people receive authorization to act as agents representing principals such as other individuals or companies. Agency can be defined as the relationship between two persons wherein a person has the authority to act on behalf of another bind him her into a legal relationship with the third party.

The law of agency is one which concerns itself with the fiduciary relationship created by express or implied contract or by law in which one party the agent may act on behalf of another party the principal and bind that other party by words or action. Agency means an executive agency or a legislative branch agency included in 5 u s c. The law of agency thus governs the legal relationship in which the agent deals with a third party on behalf of the principal.