Principal Law and Legal Definition
Agency is an agreement, express , or implied, by which one of the parties, called the principal, entrusts to the other, called the agent, the management of some business; to be transacted in his name, or on his account, and by which the agent assumes to do the business and to render an account of it. A "principal"-"agent" relationship is a relationship in which one person has legal authority to act for another.
The agency must be given ahead of time, or subsequently adopted; and in the latter case there must be an act of recognition, or an acquiescence in the act of the agent, from which a recognition may be fairly implied. For example, the person making a power of attorney appointment is called the principal.
Legal Definition list
Related Legal Terms
- Accessorium Non Ducit Sed Sequitur Suum Principale
- Additional Principal Payment
- Agent of a Foreign Principal
- Co-Principal Investigator
- Debtor’s Principal Residence ( Bankruptcy)
- Disclosed principal
- Foreign Principal
- Foreign Principal Party in Interest
- In Alta Proditione Nullus Potest Esse Accessorius Sed Principalis Solummodo
- New Principal Residence