Agent
From Encyclopædia
In law, an agent is a person authorized by another to act for him or her, particularly to transact business or to manage certain affairs. A large body of law deals with the relationship among agents, the persons for whom they act (principal), and the persons with whom they deal (third party). The law of agency is important in business relationships, in that employees are agents for their employers, and brokers or lawyers are agents for their clients. The manager of a business firm who has complete
Control of all its operations is given broad powers under the law. Agents hired to manage investments, on the other
hand, are expected to
exercise prudence in their dealings. Attorneys have the duty to advance their clients'
interests, but they cannot sign away their clients' rights except when authorized--even though it may benefit the client.
