See Article History Alternative Titles: The law of agency thus governs the legal relationship in which the agent deals with a third party on behalf of the principal. Hence, the process of concluding a contract through an agent involves a twofold relationship. On the one hand, the law of agency is concerned with the external business relations of an economic unit and with the powers of the various representatives to affect the legal position of the principal.
An agent who has accepted an appointment to act for a principal "A" should not thereafter accept appointment to act for another principal "B" if the interests of principal B conflict with the interests of principal A.
However, if the agent fully discloses to each principal the agent's interests under the two appointments and the fact that he acts for both principals at the same time and obtains the consent of each principal to the dual agency, he may still act for the two principals. Accordingly, an estate agent who acts for both the vendor and purchaser in a sale and purchase property transaction must disclose the fact to both the vendor and the purchaser and obtain their consent for so acting.
The agent's duty to avoid conflict of interest applies equally to cases where the interest of the agent himself or that of his close relatives conflicts or potentially conflicts with his duties to the principal.
However, if the agent fully discloses such interests to the principal and obtains the principal's consent, the agent may still act for the principal. Failure to make full disclosure to the principal is a breach of the agent's fiduciary duty and the agent is liable to account for any profit that the agent has made from such transaction in addition to other remedies available to the principal for the agent's breach of duty.
The following situations require more discussion: Purchase or rent from principal — the general rule is that an agent cannot purchase or rent property from his principal without full disclosure of all the facts to the principal. The agent has to show:Currently, the Division of Corporation Finance achieves the goal of improving the quality and timeliness of material disclosure to investors by selectively reviewing the periodic financial and other disclosures made by public companies.
The principle of moral projection furthers such accommodation by recognizing a new level of agency in society and thus a new level of responsibility. Objection 9.
Inside the agency, career staff have been locked out of the much of decision-making, according to current and former administration officials, although a new political appointee, Karen Dunn Kelley.
The Communications Act.. The FCC was created by Congress in the Communications Act for the purpose of “regulating interstate and foreign commerce in communication by wire and radio so as to make available, so far as possible, to all the people of the United States, without discrimination on the basis of race, color, religion, national origin, or sex, a rapid, efficient, Nation-wide, and.
TREC Rules. Chapter Canons of Professional Ethics and Conduct that the primary duty of the real estate agent is to represent the interests of the agent's client, and the agent's position, in this respect, should be clear to all parties concerned in a real estate transaction; that, however, the agent, in performing duties to the client.
Yet according to a Strategy&/Katzenbach Center survey of global senior executives on culture and change management, the success rate of major change initiatives is only 54 percent. This is far too low.