Purchase Solution

Pricipal and agent which one, which type?

Not what you're looking for?

Ask Custom Question

What is the difference between a principle and an agent. Why or why not both are needed.

What is the different costs associated with hiring an agency. Discuss whether or not you think the costs are worth it. support your responses.

Which one of the types of agents and the implications of that type of agent obtaining the best deal for you

1. What is the difference between a principle and an agent? The difference is the following; The agent's duties are, according to businessdictionary.com,

Download this detailed answer with references!

Purchase this Solution
Solution Summary

Author discusses principals and agents, costs of agencies and what type of agent one should hire

Solution Preview

1. What is the difference between a principle and an agent? The difference is the following; The agent's duties are, according to businessdictionary.com, to (1) act on behalf of and be subject to the control of the principal, (2) act within the scope of authority or power delegated by the principal, (3) discharge his or her duties with appropriate care and diligence, (4) avoid conflict between his or her personal interests and those of the principal, and (5) promptly hand over to the principal all monies collected on principal's behalf. Principal's duties include: to (1) compensate the agent as agreed, and (2) indemnify the agent against claims, liabilities and expenses incurred in discharging duties assigned by the principal. This was explained very well by this website.

2. Why or why not both are needed? You may need one or both or none depending on the situation. If you need to have ...

Purchase this Solution
Free BrainMass Quizzes
Operations Management

This quiz tests a student's knowledge about Operations Management

Paradigms and Frameworks of Management Research

This quiz evaluates your understanding of the paradigm-based and epistimological frameworks of research. It is intended for advanced students.

Accounting: Statement of Cash flows

This quiz tests your knowledge of the components of the statements of cash flows and the methods used to determine cash flows.

Academic Reading and Writing: Critical Thinking

Importance of Critical Thinking

SWOT

This quiz will test your understanding of the SWOT analysis, including terms, concepts, uses, advantages, and process.

View More Free Quizzes
Related BrainMass Solutions

  • Contract Law Questions

    The type of agency created when one person is falsely represented to be an agent when no such agency relationship exists, is known as: Agency by estoppel 3.

  • Foreign Currency Exchange Loss

    On Dec 31, 2009, the U.S. dollar equivalent of the pricipal amount was $320,000. In Grete's 2009 income statement, what amount should be included as a foreign exchange loss?

  • Cost of Trade Credit

    The firm uses extra credit period on the pricipal sum of 96. The time period is 5 days and the interest is the discount lost which is 4.

  • Measuring Forecast Accuracy

    483254 Measuring Forecast Accuracy List and define the three pricipal ways of measuring forecast accuracy. What are the key differences among them? Please see below for my discussion.

  • How to identify oxidizing or reducing agents.

    Ca is the reducing agent, VO3 is the oxidizing agent In this question one must first recognize it as a redox type question, the easiest way to go about this is to assign oxidation numbers to each of the individual elements.

  • Disease Factors

    585634 Disease Factors Are host, agent, and environment equally important in the natural history of disease, or is one feature more critical than the others? Justify your reasoning.

  • Agent of Change

    One of the first choices that I would make would be the means by which to communicate the availability of this new food product to the public.

  • Quantitative Analysis and Electrochemistry

    b) one type of ion in the crystal lattice of the precipitate is replaced by another type of ion that has a similar size. c) the precipitate is heated and trapped as a gas.

  • Agent Authority - legal principle applied

    To begin the analysis, we must first determine if, and what type of authority existed between the agent and principal. There are three bases by which parties may be held to have assumed the duties of principal and agent.

View More Related Solutions