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Apr 5
In agency law, an agent is a person who is authorized to act on behalf of another party, known as the principal. The common rights of an agent in agency law include:
1. Right to compensation: An agent is entitled to receive compensation for their services unless otherwise agreed upon in the agency agreement. This compensation can be in the form of a salary, commission, or other agreed-upon payment.
2. Right to reimbursement: An agent has the right to be reimbursed for any expenses incurred while carrying out their duties on behalf of the principal. This can include travel expenses, communication costs, and other necessary expenditures.
3. Right to indemnification: An agent has the right to be indemnified by the principal for any losses or liabilities incurred while acting within the scope of their authority. This means that the principal is responsible for any legal or financial consequences resulting from the agent's actions.
4. Right to performance: An agent has the right to expect the principal to fulfill their obligations under the agency agreement. This includes providing the necessary resources, information, and support for the agent to carry out their duties effectively.
5. Right to loyalty: An agent has the right to expect loyalty from the principal, meaning that the principal should act in good faith and not engage in any actions that would harm the agent's interests.
6. Right to termination: An agent has the right to terminate the agency relationship at any time, provided that they give reasonable notice to the principal. Similarly, the principal also has the right to terminate the agency relationship, as long as they do so in accordance with the terms of the agency agreement.
Overall, these common rights of an agent in agency law are designed to protect the agent's interests and ensure that they are able to carry out their duties effectively on behalf of the principal.
Reference:
Cheeseman, H. R. (2019). Business law: Legal environment, online commerce, business ethics, and international issues (10th ed.). Pearson.
1. Right to compensation: An agent is entitled to receive compensation for their services unless otherwise agreed upon in the agency agreement. This compensation can be in the form of a salary, commission, or other agreed-upon payment.
2. Right to reimbursement: An agent has the right to be reimbursed for any expenses incurred while carrying out their duties on behalf of the principal. This can include travel expenses, communication costs, and other necessary expenditures.
3. Right to indemnification: An agent has the right to be indemnified by the principal for any losses or liabilities incurred while acting within the scope of their authority. This means that the principal is responsible for any legal or financial consequences resulting from the agent's actions.
4. Right to performance: An agent has the right to expect the principal to fulfill their obligations under the agency agreement. This includes providing the necessary resources, information, and support for the agent to carry out their duties effectively.
5. Right to loyalty: An agent has the right to expect loyalty from the principal, meaning that the principal should act in good faith and not engage in any actions that would harm the agent's interests.
6. Right to termination: An agent has the right to terminate the agency relationship at any time, provided that they give reasonable notice to the principal. Similarly, the principal also has the right to terminate the agency relationship, as long as they do so in accordance with the terms of the agency agreement.
Overall, these common rights of an agent in agency law are designed to protect the agent's interests and ensure that they are able to carry out their duties effectively on behalf of the principal.
Reference:
Cheeseman, H. R. (2019). Business law: Legal environment, online commerce, business ethics, and international issues (10th ed.). Pearson.
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