What is the law of agency?

The law of agency is a legal concept that explains a relationship between two people or entities. In North Carolina, the law of agency typically applies to a principal (one who hires another to act on their behalf) and an agent (the person who acts on behalf of the principal). The agency relationship is typically between a principal and agent, but it can also exist between a principal and a third-party known as a fiduciary. Under the law of agency in North Carolina, the principal is liable for any acts undertaken by their agent on their behalf. This means that the principal is responsible for the consequences of any action taken or agreed to by the agent. The principal is also responsible for any mistakes or negligence of the agent. In the case of a fiduciary, the law of agency in North Carolina protects the interests of both the principal and the third-party. The fiduciary must act according to the best interests of the principal, and the principal is protected from any wrongdoing by the fiduciary. The law of agency requires the agent to act in accordance with the instructions of the principal. Any instructions given by the principal must be followed carefully as failure to do so can have serious legal repercussions. The law of agency in North Carolina is an important concept for businesses, as it clarifies each party’s duties and liabilities. It is important for people or entities who are entering into an agency relationship to ensure that they are aware of the law and their rights and responsibilities under it.

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What is the law of agency?

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