Explain the rights and liabilities of all relevant parties under the law of agency.
Question: Explain the rights and liabilities of all relevant parties under the law of agency.
Under the law of agency, there are several rights and liabilities that apply to the various parties involved.
Agency is a relationship in which one party, the principal, authorizes another party, the agent, to act on its behalf and to make decisions and take actions that are legally binding on the principal.
The rights of the principal include the right to control the actions of the agent, the right to receive any benefits generated by the agent's actions, and the right to terminate the agency relationship at any time. The principal also has the liability for any wrongful acts committed by the agent within the scope of the agency relationship.
The rights of the agent include the right to act on behalf of the principal and the right to receive compensation for services rendered. The agent also has a duty to act in the best interests of the principal and to obey the principal's lawful instructions.
In summary, under the law of agency, the principal has the right to control the actions of the agent and to receive the benefits of the agent's actions, while the agent has the right to act on behalf of the principal and to receive compensation for services rendered. Both the principal and the agent also have certain liabilities under the law of agency.
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