THE DYNAMICS OF AGENCY RELATIONSHIPS IN LEGAL AND BUSINESS CONTEXTS

Abstract

This article examines agency relationships, where agents act on behalf of principals to engage third parties, crucial for modern business and legal operations. It discusses the formation of agency through explicit and implied agreements, necessity, estoppel, and ratification. Key agent duties, including task execution, care, conflict avoidance, and accountability, are explored alongside agents’ personal liability in disclosed and undisclosed agencies. The article also covers the termination of agency relationships through legal or mutual actions, emphasizing their role in efficient business functioning.