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"Education is the most powerful weapon which you can use to change the world”
– Nelson Mandela

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Ch 32 Agency Formation & Duties Assignment

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Q 1) It is stated that agency relationships are consensual..how does that different than contractual? Can you give an example of an agency relationship that is NOT contractual? 2) Can you distinguish between the agent's duty of loyalty and obedience? 3) Does the agent guarantee successful performance? 4) True or false: whether someone is an employee or an independent contractor depends on what the person paying him wants him to be. If false, then what are the criteria for that determination?

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The requirement or non-requirement of consideration is something which forms the basis of an agency and a contractual relationship. This is because in case of a agency relationship, there is no requirement of consideration (Clarkson, Miller & Cross, 2016). However, in case of contractual relationship, consideration is required/mandatory. In case of contractual relationship, the physical performance of any one of the parties to the contract cannot be controlled by either of the parties even after the formation of the contract stating that there would be something done for a particular contractual party by another party.