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An agency agreement is a legal contract creating a fiduciary relationship whereby the first party ("the principal") agrees that the actions of a second party ("the agent") binds the principal to later agreements made by the agent as if the principal had himself personally made the later agreements.
The law of agency is an area of commercial law dealing with a set of contractual, quasi-contractual and non-contractual fiduciary relationships that involve a person, called the agent, who is authorized to act on behalf of another (called the principal) to create legal relations with a third party. [1]
Unless specifically prohibited by another provision of law, an agency's authority to contract is vested in the agency head, for example, the Secretary of the Air Force or the Administrator, National Aeronautics and Space Administration. Agency heads delegate their authority to Contracting Officers, who either hold their authority by virtue of ...
Agency theory can be subdivided in two categories: (1) In adverse selection models, the agent has private information about their type (say, their costs of exerting effort or their valuation of a good) before the contract is written. (2) In moral hazard models, the agent becomes privately informed after the contract is written.
The 1988–1994 NHL collective bargaining agreement (CBA) introduced restricted free agency and operated under different rules than subsequent CBAs. [1] Unrestricted free agency would not be introduced until the 1995 CBA. The 1988–1994 NHL CBA had four groups of restricted free agents who were eligible to sign an offer sheet.
Contract theory in economics began with 1991 Nobel Laureate Ronald H. Coase's 1937 article "The Nature of the Firm". Coase notes that "the longer the duration of a contract regarding the supply of goods or services due to the difficulty of forecasting, then the less likely and less appropriate it is for the buyer to specify what the other party should do."
AARON RODGERS CONTRACT DETAILS: How releasing or trading QB would impact Jets Trading for four-time NFL MVP Aaron Rodgers didn't work. Drafting a quarterback hasn't worked.
The law of contracts varies from state to state; there is nationwide federal contract law in certain areas, such as contracts entered into pursuant to Federal Reclamation Law. The law governing transactions involving the sale of goods has become highly standardized nationwide through widespread adoption of the Uniform Commercial Code .