Duties of a Principal to an Agent

The video explains the principal-agent relationship, focusing on the duties and obligations of each party. It covers scenarios where no express agency agreement exists, highlighting three default rules: reasonable compensation for the agent, reimbursement for costs incurred, and the principal's duty to indemnify the agent against liabilities. These rules ensure fair treatment and protection for the agent while performing duties on behalf of the principal.

What are the duties of each party in a principal-agent relationship?

What happens if there is no express agency agreement?

What is the agent entitled to in terms of compensation?

What are the principal's obligations regarding costs incurred by the agent?

What is the principal's duty if the agent incurs personal liability?