Agency Flashcards
1
Q
what is agency?
A
agency is a fiduciary relationship, where a person or entity acts on behalf of another
2
Q
elements of agency
A
assent, benefit and control
3
Q
Assent
A
a formal or informal agreement
4
Q
benefit
A
the conduct primarily benefits the principal
5
Q
control
A
the principal has the rt to control the agent (doesn’t need to be significant)
