Agency
Learning Objectives
After studying this module, you should be able to:
Distinguish between employees and independent contractors
Explain how agency relationships can be created and terminated
List and describe the agent’s fiduciary duties to the principal and the principal’s duties to the agent
Describe the principal’s and the agent’s liability on third-party contracts
Identify and describe the principal’s liability for the tortious conduct of an agent
- What is respondeat superior and why is the doctrine important to business?