Methods of forming a Principal Agent Relationship

The video tutorial explains different types of agency relationships: express, implied, ratification, estoppel, and necessity. Express agency involves a clear agreement between principal and agent. Implied agency is inferred from actions and circumstances. Ratification occurs when a principal accepts an agent's actions after the fact. Estoppel arises when a third party reasonably believes an agency exists due to the principal's actions. Lastly, agency out of necessity is when an agent acts on behalf of a principal who cannot act themselves.

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