Distinguish among the following relationships: (1) agency, (2) employment, and (3) independent contractor. Explain the requirements for creating an agency relationship.

Relationship of Principal and Agent

• Distinguish among the following relationships: (1) agency, (2) employment, and (3) independent contractor.
• Explain the requirements for creating an agency relationship.
• List and explain the duties owed by an agent to her principal.
• List and explain the duties owed by a principal to his agent.
• Identify the ways in which an agency relationship may be terminated.