How Do You Define The Term Agency In Reference To The Law?

In law, agency is the relationship in which one party acting as an agent on behalf may undertake the control of the other individual in concern by the virtue of employing the principle governing the dealing with the third parties. Agency has its root in ancient servant master relations. The involvement of agency in dealing is considered a legal issue when the agent injures or does any wrongs with the third party. The principles employed in the dealing are bound by and liable for the acts of such agents as stock brokers, business agents, contractors, real estate agents, lawyer, union representatives, private detectives, and managing partners in Anglo-American law. At present scenario, the agencies have taken a significant role in the world of trade and commerce.