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3 Cards in this Set
- Front
- Back
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In this type of relationship, the parties have agreed that the agent will act on behalf and instead of the principal in negotiating and transacting business with third parties.
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principal-agent relationship
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-can be used as a noun or an adjective
-as a noun, it refers to a person having a duty created by his or her undertaking to act primarily for another's benefit in matters connected with the undertaking -as an adjective, it means that the relationship involves trust and confidence |
fiduciary
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-a person who contracts with another to do something for him or her but who is not controlled by the other nor subject to the other's right to control with respect to his or her physical conduct in the performance of the undertaking. He or she may not be an agent
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independent contractor
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