Akhil Akkineni
Ricky
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1. : one that acts or exerts power. 2. a. : something that produces or is capable of producing an effect : an active or efficient cause. Education proved to be an agent of change in the community. b. : a chemically, physically, or biologically active principle. an oxidizing agent.
Agent definition: a person or business authorized to act on another's behalf. See examples of AGENT used in a sentence.
a person who acts for or represents another: a travel agent. He is the agent for several of the highest paid players in baseball. An agent is also someone who works secretly for a government or other organization: a secret agent. an undercover agent.
- What Is An Agent?
- Understanding An Agent
- Types of Agents
- Uses of Agents
- Loyalty Responsibilities of An Agent
- Performance Responsibilities of An Agent
- Agent Liability
- Agency by Necessity
- The Bottom Line
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. Two common types of agents are attorneys, who represent their clients in l...
An agent is someone that is given permission (either explicitly or assumed) to act on an individual's behalf and may do so in a variety of capacities. This could include selling a home, executing a will, managing a sports career, managing an acting career, being a business representative, and so on. Agents often have expertise in a specific industr...
Agents come in all types depending on their function and the industry in which they operate. In general, there are three types of agents: universal agents, general agents, and special agents.
People hire agents to perform tasks that they lack the time or expertise to do for themselves. Investors hire stockbrokers to act as middlemen between them and the stock market. Athletes and actors hire agents to negotiate contracts on their behalf because the agents are typically more familiar with industry norms and have a better idea of how to p...
Duty of Avoiding Material Benefit
During the course of business, an agent may benefit. This is especially true when an agent is paid to perform a task on behalf of the principal. For example, a real estate agent commonly receives a commission for their work in selling a house. When acting on behalf of another, an agent must ensure they do not unjustly benefit from their agency position. This includes receiving large benefits from the relationship or taking advantage of their position to ensure they receive benefits that would...
Duty Not to Usurp
When an agent acts on behalf of a principal, the agent may receive information it would be able to personally capitalize on for personal benefit. For example, an agent may receive information relating to a potential investment opportunity. The agent owes the principal the duty to not steal or supplant the principal's ability to transact. In this example, the principal retains the right to decide whether or not to invest; the agent must not take the place of the principal without the principal...
Duty to Not Compete
On a similar note, an agent may not enter into transactions or business that compete with a principal. This conflict of interest puts the principal at a disadvantage as the agent may obtain trade or business secrets during the course of the business relationship. For example, imagine if an agent was tasked with shipping specific goods to an agent's manufacturingwarehouse. The agent could obtain information related to the principal's operations that the agent could then use for its personal be...
Duty of Contract
All terms of any written agreement between an agent and a principal define the relationship between the two. For many agent and principal relationships, the contract is not explicitly defined upfront. However, custom or deliberate agreements may call for very specific terms that define what is and isn't allowed.
Duty of Care
An agent is always tasked with acting with care and competence when handling affairs of the principal. The standard is often held that the agent must act as the principal would, using discretion as if it would incurring the personal gain or loss. Though the level of care may not be explicitly defined, the level of care should be equal to what is reasonably expected by local standards. The duty of care may be complicated when considering the agent's personal benefit potential. For example, con...
Duty of Obedience
An agent must comply with reasonable instruction. Though there may be situations where acting on one's behalf and following their guidance is not reasonable or legal, the agent may have recourse to not follow instruction. Otherwise, the agent is bound to perform tasks as expected by the agreement. This includes situations where the principal may be disadvantaged but has instructed the agent to act in a specific manner.
An agent is often liable to their principal if they violate their duty or deviate from a reasonable, expected action performed on behalf of the other party. This may be the result of exceeding the authority they've been given, acting in misconduct, being unreasonably negligent, or any other situation where the principal may incur a loss that could ...
There is also "agency by necessity," in which an agent is appointed to act on behalf of a client who is physically or mentally incapable of making a decision. This is not always a case of incapacitation. Business owners, for example, might designate agents to handle unexpected issues that occur in their absence. For example, if a CEO was on a fligh...
An agent is anyone that has been entrusted to act on behalf of another individual. People usually call upon an agent when they need someone with more expertise or when they don't have the time to complete a task. Agents are commonly used in the finance, law, real estate, insurance, acting, and music industries, yet they can be found in almost any s...
- Julia Kagan
a person whose job is to act for, or manage the affairs of, other people in business, politics, etc. Our agent in New York deals with all US sales. If you're going to rent out your house while you're abroad, you'll need someone to act as your agent here. an insurance agent.
AGENT meaning: 1. someone whose job is to deal with business for someone else: 2. someone who tries to find out…. Learn more.
noun. a representative who acts on behalf of other persons or organizations. see more. noun. any agent or representative of a federal agency or bureau. synonyms: federal agent. see more. noun. a businessperson who buys or sells for another in exchange for a commission.
