principal and agent –

     Excerpt from Fiduciary Relationships:

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principal and agent:
(17c)

1. The relation between two persons, one of whom (the principal) hires the other (the agent), whose tasks involve primarily the creation of new legal relations between the hirer and third persons.  *  This relationship is similar to that of master and servant, but that terminology applies to employments in which the employee has little or no discretion, whereas the agent has considerable latitude.  Cf. MASTER AND SERVANT. [1]

     Excerpt from Francis B. Tiffany’s Handbook of the Law of Principal and Agent § 3, at 5 (Richard R.B. Powell ed., 2d ed. 1924):

     “The law of principal and agent is modern in origin, provides the background for the law of partnerships and corporations, is instructive as to the close interrelation of business and law, and presents a fertile field for constructive work. [2]

agency – a fiduciary relationship which arises when one person (a principal) manifests assent to another (an agent) that the agent will act on the principal’s behalf, subject to the principal’s control, and. the agent manifests assent or otherwise consents to do so.

References:

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[1]: Black’s Law Dictionary Deluxe Tenth Edition by Henry Campbell Black, Editor in Chief Bryan A. Garner. ISBN: 978-0-314-61300-4

[2]: Francis B. Tiffany’s Handbook of the Law of Principal and Agent § 3, at 5 (Richard R.B. Powell ed., 2d ed. 1924).

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