Agency relationships are typical in the business context owing to a reliance on engaging external experts and specialists to act on a party's behalf in various transactions.

Question

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Agency relationships are indeed common in business settings, where parties may engage agents to represent them in negotiations, contracts, or other transactions. These agents may be lawyers, accountants, brokers, or other experts who have specialized knowledge or skills that are needed to achieve the party's goals. The agency relationship creates a fiduciary duty on the part of the agent to act in the best interests of the principal, and it is governed by principles of agency law.

Agency Relationships Are Typical in the Business Context Owing to a Reliance