Individuals such as entertainers, athletes, authors, or artists will often opt to hire an agent to help manage their affairs and promote the individual’s talents. There are five generally accepted duties assigned to an agent- performance, notification, loyalty, obedience, and accounting. Agents need to be aware of possible conflicts of interest. For example, a dual-agent situation would present a conflict of interest; there are many other examples as well. It is important, when considering hiring an agent, to understand key terms and responsibilities that are important for the agent to execute. In addition to your course text, the Internet can provide information on agencies and the types of services offered.

Explore a number of agencies using the Internet to see how services offered are similar. With these thoughts in mind, respond to the following.

In the first portion of your posting, address these points:

Suppose you were seeking an agent to represent you either for sports or for publishing. What types of information can you find out about agencies online?
If you were to hire an agent, what key terms would you want to make sure are in the agreement?
How can the duties of an agent lead to conflicts of interest in the course of carrying out the role of agent? Give examples.
Although an agency agreement is usually formed on the basis of what the agent will do for the principal, it is a two-way consensual agreement, implying some responsibility on both sides.

In the second portion of your posting, address these points:

To what extent should a principal be held liable for the torts of an agent?
What factors should be used in deciding if a principal is liable in a particular situation?
What factors are typically used?
References: Miller, R. (2014). Business law today: The essentials (10th ed.). Mason, OH: Cengage Learning.

Chapter 17, “Agency” (pages 488 to 514)