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CREATION OF AGENCY AND THE AUTHORITY OF THE AGENT

This article discusses the creation of agency and the authority of the agent. Formation of agency can be by appointment, by implied appointment (estoppel), and by ratification. The creation of agency by express appointment is where the principal appoints the agent by express agreement with the agent. The agreement includes the duties of the agent and other details. Agency by estoppel arises when the principal makes a representation to a third party. This may be through his words or conduct, that a particular party is his agent. The agent may be any of the various types of agents. In this case, the third party deals with the agent as the principal’s agent in reliance on such representation. Read more of the creation of agency and the authority of the agent at

THE DUTIES OF AN AGENT TO THE PRINCIPAL

The duties of an agent include skills and care, following reasonable and lawful principal’s interests, fiduciary duties, among others. An agent owes the principal the duty to exercise skills and care for the principal’s interests. Agents have various capabilities depending on the type of agents they are. The principal’s instructions also govern the actions of the agents. They must comply with the principal’s guidelines whenever the instructions are clear. Agents should also understand their fiduciary duties during the creation of agency. This involves trust and confidentiality between the agent and the principal. Agents must avoid conflict of interest because it works against the principal.
Read more of the duties of an agent to the principal at 

CREATION OF AGENCY, NATURE, AND TYPES OF AGENCY

This section discusses the various types of agents. They include the general agent, agent with interests, servant, special agent, and independent contractors. The general agent possesses the authority to carry out a broad range of transactions in the name and on behalf of the principal. The two parties discuss the details of activities during the creation of an agency. The special agent has authority to act only in a specifically designated instance or in a specifically designated set of transactions. The reimbursement of agents with interest depends on their continuing to have the authority to act as an agent. The duties of an agent in all these types of agency should be in the best interest of the principal. Read more of the nature and types of the agency at 

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