Considering the basic definition of an agency relationship and the five factors in the creation of...
Considering the basic definition of an agency relationship and the five factors in the creation of an Agency relationship, discuss an agency relationship in which you have been involved. Were there any legal complications?
Homework Answers
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In law, An agency relationship is a fiduciary relationship, where one person (called the “principal”) allows an agent to act on his or her behalf. The agent is subject to the principal's control and must consent to her instructions.In the past i have an agency relationship with Home decoration contractor in which i wanted my home to renovate and make it more modern. So i contracted with home contractor.
In this agency relationship, i made contract with him to renovate my home as per my terms and conditions under specified budget given to him. I was authorized by me to act or make decision which can benefit me like purchase of tools, decorations, any thing which would make my house modern.
In that agency relationship, there were legal complications because I paid the full amount to him for his work but he hired some sub contractors to do his work so he did not pay to them so those sub contractors come to me for payment as i was the main principal .
the legal complication was solved because i contacted with contractor and tell him that he should pay all those sub contractors as i paid him in advance otherwise i will sue him so that original contract paid the sub contractors. He should have work in the best interest of mine as agent.
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