In this lesson, Nick Palazzolo, CPA, dives into the intricacies of the agency relationship, focusing on the duties that an agent owes to a principal. He breaks down each responsibility with practical examples to show how agents must prioritize the interests of the individuals or entities they represent. From the essential duty of loyalty to the importance of obedience, reasonable care, and the maintenance of accurate records, Nick analyzes how agents are expected to conduct themselves. He also explores the complexities involved with sub-agents, the obligation to keep the principal informed, and the critical need for confidentiality in matters such as patent representation. This engaging rundown provides a comprehensive look at the ethical and operational standards central to agency law.
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