What is a agent simple definition?

An agent, in legal terminology, is a person who has been legally empowered to act on behalf of another person or an entity. An agent may be employed to represent a client in negotiations and other dealings with third parties. The agent may be given decision-making authority.

What is the legal definition of an agent?

A person with authority to act on behalf of another person.

What are the 4 types of agents?

The Four Main Types of Agent

  • Artists’ agents. An artist’s agent handles the business side of an artist’s life. …
  • Sales agents. …
  • Distributors. …
  • Licensing agents.

What are the duties of an agent?

DUTIES OF AGENT

  • Duties to follow Instructions or Customs:
  • Duty of reasonable care and skill.
  • DUTY TO AVOID CONFLICT OF INTEREST.
  • Duty not to make secret profit:
  • Duty to remit sums.
  • Duty to maintain Accounts:
  • Duty not to delegate.

What is agent and example?

An agent is defined as someone or something that makes something happen. A bee taking pollen from flower to flower is an example of the bee being an agent for pollination. noun. 1. The definition of an agent is a person or group of people that represent another person or that takes action for other people.

What is a agent in science?

Agent. (Science: pharmacology) Any power, principle or substance capable of producing an effect, whether physical, chemical or biological.

What is the difference between agent and servant?

An agent is a person appointed by the Principal to act on his behalf. A servant is the one employed to do work at that person’s home as a gardener or cleaner, etc. An agent can enter into contracts on behalf of his/her principal. Thus.

What are the different kinds of agents?

Kinds of Agents

  • Universal Agent : A Universal agent is one who is authorised to do all the acts which the Principal can lawfully do and can delegate.
  • Special Agent: …
  • General Agent: …
  • De Credere Agent: …
  • Pakka Adatia And Kaccha Adatia. …
  • Broker : …
  • Factor : …
  • Commission Agent:

Who is an agent what are the rights and duties of an agent?

An agent represents his principal to the third parties. As per sections 222 and 223, an agent has a right to be indemnified by his principal for all charges, expenses, and liabilities that he incurs during the course of the agency.

What is the difference between agent and employee?

There are two essential characteristics that distinguish employees from agents. First, an employee must be a human being as compared to artificial or electronic agent. Second, an employer has more control over an employee than over an agent. An agent typically has its own facilities and is independent.

How agency is created?

An agency is created when a person delegates his authority to another person, that is, appoints them to do some specific job or a number of them in specified areas of work. Establishment of a Principal-Agent relationship confers rights and duties upon both the parties.

What is the difference between an agent servant and an independent contractor?

– A servant and independent contractor are both employed to do some work of the employer but there is a difference in the legal relationship which the employer has with them. A servant is engaged under a contract of service whereas an independent contractor is engaged under contract for services.

Is an employee considered an agent?

The employee is considered an agent, employed by the company to perform services. As a result of the employment, the employee’s conduct in the performance of the service is controlled, or is subject to the right of control by the employer. Therefore, employment is generally a principal-agent relationship.

Is an agent the same as a contractor?

Agents and independent contractors sell products or provide services within different legal boundaries. Agents are employees, while independent contractors are self-employed; this difference affects how services are performed.

What are two duties that an agent has to a principal?

An agent’s primary duties are: act on behalf of and be subject to the control of the principal; act within the scope of authority or power delegated by the principal; discharge his/her duties with appropriate care and diligence; and.
The most common agency relationships are:

  • Buyer’s Agency;
  • Seller’s Agency;
  • Dual Agency.

What is the fiduciary responsibility of an agent?

In brief, fiduciary duty is a requirement that a person in a position of trust, such as a real estate agent, broker, or executor, must act in good faith and honesty on behalf of a client. Fiduciary duty is a legal obligation of the highest degree for one party to act in another’s best interest.

What are the fiduciary duties of an agent?

The fiduciary duties of a real estate agent are:

  • Loyalty.
  • Obedience.
  • Confidentiality.
  • Disclosure.
  • Accounting.
  • Reasonable Care.

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