Business Associations Lecture One: Agency (Part One)

Law School

This lecture provides a comprehensive overview of agency law, exploring its foundational principles, core components, types of authority, fiduciary duties, liability, termination, case law, doctrinal debates, practical applications, and policy considerations. Understanding these elements is crucial for navigating the legal landscape of business operations and organizational structures.

Takeaways

Agency is a foundational area of business associations.

Agency relationships can arise in both formal and informal settings.

Consent is a key element in forming an agency relationship.

The principal must have the right to control the agent's actions.

Fiduciary duties include loyalty, care, and obedience.

Apparent authority can bind the principal to the agent's actions.

The principal must indemnify the agent for liabilities incurred.

Agency relationships can terminate in various ways, including mutual agreement.

Case law shapes the understanding of agency authority and liability.

Agency law promotes efficiency while balancing the interests of principals and third parties.

agency law, business associations, fiduciary duties, authority types, liability, termination, case law, practical applications, policy considerations, legal framework