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In commercial law, a principal is a person, legal or natural, who authorizes an agent to act to create one or more legal relationships with a third party.This branch of law is called agency and relies on the common law proposition qui facit per alium, facit per se (from Latin: "he who acts through another, acts personally").
When used to refer to an owner of a business, the term "principal" can be a designation for any of several positions and entail a range of key responsibilities. But the rubric under which all the ...
A business owner often relies on an employee or another person to conduct a business. In the case of a corporation, since a corporation can only act through natural person agents, the principal is bound by the contract entered into by the agent, so long as the agent performs within the scope of the agency.
The principal–agent problem typically arises where the two parties have different interests and asymmetric information (the agent having more information), such that the principal cannot directly ensure that the agent is always acting in the principal's best interest, particularly when activities that are useful to the principal are costly to ...
Beneficial owner is subject to a state's statutory laws regulating interest or title transfer. [2] This often relates where the legal title owner has implied trustee duties to the beneficial owner. [clarification needed] A common example of a beneficial owner is the real or true owner of funds held by a nominee bank.
Intel said on Wednesday its deal for $7.86 billion in U.S. government subsidies restricts the company's ability to sell stakes in its chipmaking unit if it becomes an independent entity. The U.S ...
A burglar broke into a luxury, high-rise apartment on the Upper West Side on Thanksgiving and stole a safe containing nearly $400,000 in cash and jewelry early, cops said Saturday.. The crook ...
An agency agreement is a legal contract creating a fiduciary relationship whereby the first party ("the principal") agrees that the actions of a second party ("the agent") binds the principal to later agreements made by the agent as if the principal had himself personally made the later agreements.