Video: Principals & Agents: Authority, Duties, and Liabilities Overview

Jump right into the world of business law with Nick Palazzolo, CPA, as he sheds light on the foundational aspects of agency law, intricate to the principal-agent relationship. This lesson delves into the authority types agents may hold—from express to implied—and sets the stage for recognizing when an agency relationship is legally established. With practical scenarios and examples, Nick ensures the concepts of duties and liabilities of agents and principals become clear. He uses a systematic approach to unravel intricate legal ties, and provides insights into the contractual dynamics within the business law landscape. With engaging delivery and a promise to keep things lively, this lesson is geared to demystify the complexities and equip you with a firm grasp of agency law essentials.

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Video Transcript

Instructor: Nick Palazzolo

Nick Palazzolo is head instructor of ExamPrep.ai CPA Review. Nick's teaching style is engaging & upbeat, combining practical Big 4 tax & assurance expertise with years of 1-on-1 coaching. His lessons are concise and emphasize what you need to know to pass. Whether you're a recent grad or working full-time, we’re confident you can conquer your CPA exams with Nick’s review.

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Well, you made it. We're finally diving into business law. Obviously, we kind of talked about business law throughout the course, but now we're finally getting to it. One thing I'll say is that business law, while I do find it pretty interesting, tax is more important for the exam. So if you are finding that you're having difficulties with tax, make sure you're focusing on that because you should not go into the exam unless you've got everything on the memorization guide down, unless you can answer SIMS and multiple choice questions dealing with partnerships, S-Corps, corporations. However, I generally do find that these topics we'll go through when it comes to business law are pretty interesting, and that's where we're gonna find ourselves with our agency law. So you could really summarize this one up as just agency law. However, we're dealing with both the principals and the agents and then third parties as well, as we'll see. What is the authority of these individuals? What are the duties of them as well as what are their liabilities? Let's dive into our learning objectives before we jump right in. A couple of points here, and yeah, this doesn't encompass everything. You know, we'll see full side items as well as other avenues we need to discuss. But first, and generally, you know, overall, we wanna recall the types of agent authority is, do you have express authority? Do you have implicit authority? If you don't know what those means, we'll definitely talk about them. We also want to identify whether an agency relationship actually exists. This contract law, a lot of lessons like this in business law, you're gonna be presented with a scenario and you have to be familiar with them. There's only so many scenarios you'll

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Agency & Contract Law

Module: 2 Concepts, 34 Videos

Principals & Agents: Authority, Duties, and Liabilities Overview

2:02

Introduction to Principals and Agents

3:30

Formation of Agency

5:58

Terms Related to Principals and Agents