Question

Answer the following essay question(s) in sufficient detail. 1. Why is agency law essential to the existence and operation of a corporation? 2. What are some of the factors that can determine whether an individual is consid­ered an em­ployee or an independent contractor? 3. What are some other advantages of being an independ­ent contractor? 4. What are the general duties that agents and principals owe each other? 5. What effect do a principal’s representations giving ap­parent au­thority to an agent have on the principal’s liability?

Answer 1

Question 1

Agency law is essential to existence and operation of corporation. In the absence of agency law, it would be very difficult for the agents of corporation to carry out legalizations and create agreements and stuff for the corporation.

Agency law gives agents the power to perform in place of the corporation. A corporation always needs agents to work on its behalf as the corporation cannot involve in all this stuff on its own.

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