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Business Law Chapter 17 FlashcardsQuizlet Form

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Yurtseven: Okay, Yurtseven: we'll talk about agency relationships. So when we talk about agency relationships, also business relationships where one person represents another, right? And so on a principle agent relationship. The parties have agreed that the agent will act on behalf of the principal Yurtseven: in negotiation, transacting and and business with third parties, so a good example of that would be a salesperson working for a company to sell products or services. Yurtseven: The principal is the company and the agent as a salesperson. The agent is now has the authority to act on behalf of the principal right. It's a fiduciary relationship. What does fiduciary mean? Yurtseven: Yes, and the creation of like a duty to act in someone else's place or for the benefit of the other person. Yes, yes, basically, you can trust that the person will act in your best interest. Yurtseven: Right? So if I'm a salesperson for Diego dear, goes my principal. I sell

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