The relationship in which two parties agree that one will act as a representative of the other is known as a(n):

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An agency relationship is formed when one person (the principal) agrees that another person (the agent) will act on their behalf and make decisions or take actions that affect the principal's legal rights and obligations. The agent owes a fiduciary duty to the principal, meaning they must act in the principal's best interests and not use their position for personal gain. This type of relationship is common in business, particularly in situations where a company hires employees or independent contractors to represent the company's interests.

The Relationship in Which Two Parties Agree That One Will