Agent And Principal In Contract Law
Description
How to fill out Declaration That Oil And Gas Lease Was Acquired By Agent For Principal?
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FAQ
As a fiduciary of the principal, the agent stands in a position of special trust. His responsibility is to subordinate his self-interest to that of his principal. The fiduciary responsibility is imposed by law. The absence of any clause in the contract detailing the agent's fiduciary duty does not relieve him of it.
A principal appoints an agent to act on their behalf and in their best interest. Examples include an investor picking a fund manager or someone hiring an attorney for legal work. There should be no conflict of interest between the two, if there is, this creates a principal-agent problem.
A principal is any person, or corporate entity, who engages another to do any work for gain or reward, other than as an employee.
The principal is the party who authorizes the other to act in their place, and the agent is the person who has the authority to act on behalf of the principal. It's important to vet potential agents.
Examples of principal-agent problems In economics, moral hazard occurs when one person takes more risks because someone else bears the cost of those risks. You take out health insurance, and because someone else is responsible if you're injured, you decide to pick up BASE jumping.
