Agency law refers to the legal rules and principles that govern the relationship between two parties: the agent and the principal. In this context, an agent is a person who acts on behalf of another person (the principal) to carry out specific tasks or make decisions.
Agency law determines the rights, duties, and responsibilities of both parties, outlining how the agent should act in the best interests of the principal. It covers various aspects, such as the agent's authority, fiduciary duties, and the consequences of their actions.
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