14.2 Basic Features

Agreement between principal and agent (express or implied) — consent to act and to be bound; Fiduciary character — loyalty, no conflict, no secret profit (the relationship's heart); Acting on the principal's behalf — the agent brings the principal and third party into direct relations; Capacity — anyone competent to contract can be principal or agent (a minor's agency fails with the general law — Unit 4); No consideration necessary to create agency — the relationship rests on consent, not price; The authority's limits define the principal's bond — the principal is bound only within actual or apparent authority.