Dictionary of Procurement Terms

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Search Results: 1-1 of 1 result for “Law of Agency”

  • Law of Agency

    The Law of Agency states that an agent is someone who acts on behalf of a principal. A product of common law that focuses not only on the creation of agent relationships but also the liability for losses suffered by others who deal with agents. There are two ways to create an agency relationship: 1. By agreement between principal and agent or 2. By law.

    See Also: Principal, Buyer, Agent