Fair with the Agency is the sense of control that you feel in your life, your capacity to influence your own thoughts and behavior, and have faith in your ability to handle a wide range of tasks and situations. Your sense of agency helps you to be psychologically stable, yet flexible in the face of conflict or change.
When one party delegates some authority to another party whereby the latter performs his actions in a more or less independent fashion, on behalf of the first party, the relationship between them is called an agency. Agency can be express or implied. Chapter X of the Indian Contract Act, 1872 deals with the laws relating to Agency. It is important to know the law relating to agency because nearly all business transactions worldwide are carried out through agency. All corporations, big or small, carry their work out through agency. Therefore, laws relating to the agency are an important area of Business Law. Relationships relating to principal and agent involve three main parties: The Principal, the Agent, and a Third Party.