5.23 Definition: Agency is a legal relationship between two parties where one party, known as the principal, grants authority to the other party, known as the agent, to act on the principal's behalf and in the principal's name. Agency can be expressed or implied. There are three main types of agency: general agency, special agency, and universal agency. General agency is a relationship in which the principal grants' authority to the agent to act on the principal's behalf with respect to all lawful matters. Special agency is a relationship in which the principal grants' authority to the agent to act on the principal's behalf with respect to specific matters. Universal agency is a relationship in which the principal grants' authority to the agent to act on the principal's behalf with respect to all matters.
5.23 DEFINITION: AGENCY
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