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Principals owe agents and independent contractors certain duties. As well, agents owe their principals certain duties....

Principals owe agents and independent contractors certain duties. As well, agents owe their principals certain duties.

Discuss 2 duties of principals and discuss 2 duties of agents. Then give examples of each. Think about how you have been part of an agency relationship or have witnessed an agency relationship.
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Answer #1

Duties of principal

1: The principal must disclose all relevant information to the agent.

2: The principal must compensate the agent for all expenses incurred in the course of his duties.

Duties of agent

1: He must act in the best interests of the principal. He must act in such a way that the principal benefits even putting his own interests above those of the principal.

2: He must act with utmost care and due diligence.

Example: An agent is hired to sell a house. The principal is obliged to disclose all facts about the house. He must compensate the agent for expenses that will be incurred while selling the house. The agent must find the best buyer for the house and ensure that the buyer is trustworthy who will make the paymentst o the principal in time.

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