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Why is agency law especially important in the business and government context? What are the five types...

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General Management

Why is agency law especially important in the business andgovernment context?

What are the five types of agents?

What distinguishes an employee from an independentcontractor?

Why do employers frequently try to pass off employees asindependent contractors?

Answer & Explanation Solved by verified expert
4.1 Ratings (492 Votes)
Five types ofagents1GeneralAgentThe general agent possesses the authority to carry out a broadrange of transactions in the name and on behalf of the principalThe general agent may be the manager of a business or may have amore limited but nevertheless ongoing rolefor example as apurchasing agent or as a life insurance agent authorized to sign upcustomers for the home office In either case the general agenthas authority to alter the principals legal relationships withthird parties One who is designated a general agent has theauthority to act in any way required by the principals businessTo restrict the general agents authority the principal must spellout the limitations explicitly and even so the principal may beliable for any of the agents acts in excess of his authorityNormally the general agent is a business agent but there arecircumstances under which an individual may appoint a general agentfor personal purposes One common form of a personal general agentis the person who holds anothers power of attorney This is adelegation of    See Answer
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