Examlex
Koehler illumination:
Agency Relationship
A legal and fiduciary relationship between two parties, where one (the agent) is authorized to act on behalf of the other (the principal) in business transactions.
Illegal
Activities or practices that are forbidden by law and subject to penalties if violated.
Agency Agreement
A contract in which one party (the agent) agrees to act on behalf of another party (the principal) in particular transactions.
Binding
Refers to an agreement or contract that is legally enforceable by law.
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