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 ...
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