Duties of Agents and Principals in Agency Law

The video tutorial explains the principal-agent relationship, detailing the duties each party owes to the other. Principals must compensate, reimburse, indemnify, and prevent harm to agents. Agents owe loyalty, obedience, accounting, and care to principals. These duties ensure a balanced and effective working relationship.

What is the primary duty of a principal towards an agent?

Explain the duty of reimbursement that a principal has towards an agent.

What does indemnification mean in the context of the principal-agent relationship?

What are the implications of the principal's duty to keep the agent from suffering harm?

Describe the duty of loyalty that an agent owes to the principal.

How should an agent handle any value received on behalf of the principal?

What is the significance of the duty of care for an agent?