An agency, in law, is the relationship that exists when one person or party (the principal) engages another (the agent) to act for them to do their work, to sell their goods, to manage their business. The law of agency thus governs the legal relationship in which the agent deals with a third party on behalf of the principal. Thus, the legal connection in which the agent deals with a third party on behalf of the principal is governed by agency law. The law of agency is concerned with an economic unit's external commercial interactions and the numerous representatives' powers to influence the principal's legal standing. 

For example, In real estate, A private-equity founder is asking $35 million for his Bay Area estate, just three years after buying it for $19 million. According to the brokers, the mansion was built roughly a decade ago for software executive David Duffield, founder of PeopleSoft and co-founder of Workday, who spent approximately $135 million on it.

What kind of agency was created?

Were there any problems or issues that occurred with the agency?

Answer rating: 100% (QA)

Based on the information provided it seems like there is an implied agency relationship in the conte... View the full answer