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To gain a better understanding of agency law, you will prepare components of an agency agreement based on the instructions below. You are completing components of an agency agreement; however, you are not required to prepare a complete agency agreement.InstructionsDecide upon a type of agency agreement that might be useful to you in your current work or in your personal life. Based on your Lesson 2 reading and chapter 26 of your textbook, prepare the following components for the type of agency agreement you have decided upon:1. Introduce the purpose of the agency agreement;2. Introduce the parties to the agreement and indicate who is the agent and who is the principal;3. Provide the agent with at least three express duties;4. Provide the principal with at least two express duties; and5. Describe how the agency agreement will be terminated.There is no required length, but make sure you fully address each of the required components. You may want to conduct some outside research to find examples of agency agreements that you can review. However, you should write the required components of the agency agreement in your own words.Paper is expected to follow APA documented rule.Below is the text book details for this assignmentRoger LeRoy Miller and William Eric Hollowell. Business Law Text & Exercises. 7th edition, 2013. South-Western/Cengage Learning.ISBN13: 978-1133625957

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