What does law of agency mean?
Definitions for law of agency
law of agen·cy
This dictionary definitions page includes all the possible meanings, example usage and translations of the word law of agency.
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Wikidata
Law of agency
The law of agency is an area of commercial law dealing with a set of contractual, quasi-contractual and non-contractual relationships that involve a person, called the agent, that is authorized to act on behalf of another to create a legal relationship with a third party. Succinctly, it may be referred to as the relationship between a principal and an agent whereby the principal, expressly or implicitly, authorizes the agent to work under his control and on his behalf. The agent is, thus, required to negotiate on behalf of the principal or bring him and third parties into contractual relationship. This branch of law separates and regulates the relationships between: ⁕Agents and principals; ⁕Agents and the third parties with whom they deal on their principals' behalf; and ⁕Principals and the third parties when the agents purport to deal on their behalf. The common law principle in operation is usually represented in the Latin phrase, qui facit per alium, facit per se, i.e. the one who acts through another, acts in his or her own interests and it is a parallel concept to vicarious liability and strict liability in which one person is held liable in criminal law or tort for the acts or omissions of another.
Numerology
Chaldean Numerology
The numerical value of law of agency in Chaldean Numerology is: 7
Pythagorean Numerology
The numerical value of law of agency in Pythagorean Numerology is: 4
Translations for law of agency
From our Multilingual Translation Dictionary
- ley de la agenciaSpanish
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"law of agency." Definitions.net. STANDS4 LLC, 2024. Web. 23 Apr. 2024. <https://www.definitions.net/definition/law+of+agency>.
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