Gavel Insight

Introduction: Agency law is an area of legal practice that deals with the legal relationship between two parties: the principal and the agent. The principal is the person who hires another person to act on their behalf, and this person is known as the agent. The agent, in turn, has the authority to make legal decisions and act on behalf of the principal. In Illinois, the law governing this relationship is the Illinois Agency Act. Understanding agency law in Illinois is important for both businesses and individuals who might hire agents or act as agents. This guide will provide an overview of the Illinois Agency Act and its implications for both principals and agents. What is the Illinois Agency Act? The Illinois Agency Act is a set of laws that govern the legal relationship between a principal and an agent. It outlines the duties and responsibilities of each party and their legal rights. The Act applies to any agency relationship in Illinois, whether it is created by a formal agreement...

Introduction An agency relationship is formed when one person (the principal) grants another person (the agent) the authority to act on their behalf in legal matters or business transactions. Agency law is an essential part of commercial law and plays a crucial role in protecting the interests of businesses and individuals while carrying out business transactions. The agency relationship can be either express or implied, and it is essential to understand regulations governing these relationships in Virginia. This article aims to provide a comprehensive guide to businesses and agents in Virginia on agency law. Express and Implied Agency Relationships in Virginia In Virginia, an express agency relationship is established when the principal enters into an agreement with the agent, where both parties agree to the terms of the agency relationship. The agreement can be oral or written, and the principal must have the capacity to enter into a binding contract. A principal may grant an agent ...