This form is an Exclusive Agency Agreement. The form provides that the company and agent have agreed to enter into a contract. The company has agreed to appoint the agent as its exclusive agent for the purposes listed in the form.
West Virginia Agency Agreement - General
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FAQ
The WV-96 was developed by the Attorney General's Office to eliminate the most common conflicts with State law that are found in contract documents submitted for review.
An agency relationship consists of the principal and the agent where the principal gives the agent legal permissions to act on the principal's behalf. In this type of relationship, agents should not have any conflicts of interest in executing any act the principals appoint them to do.
An agency agreement is a relationship between a principal and an agent, where the principal authorises the agent to engage third parties in legal relationships.
An Agency relationship is: fffd The fiduciary relation which results from the manifestation of consent by one person to another that the other person shall act in his behalf and is subject to his control; and consent by the other so to act. RESTATEMENT (SECOND) OF AGENCY fffd 1(1).
Fffd Principal: The person or entity on whose behalf and subject to whose control an agent acts. fffdfffd For example, your boss at work. fffd Agent: A person who agrees to act on behalf of and instead of his or her principal, subject to the principal's control. A good example would be an insurance agent.
An agency agreement is formed when one person, called the agent, is authorized by another person, called the principal, to act on the principal's behalf. A principal who assigns agency to an agent is creating a legal relationship with the agent.
Dual Agency (§ 30-40-26(d)) Dual agency is permitted in West Virginia as long as the seller and buyer both give their informed written consent prior to signing an agreement. Property Disclosure Statement West Virginia law requires sellers to provide buyers with disclosure regarding the property's condition.
Who is an Agent? A person employed by the Principal, to act on his behalf, represent him in the dealings with the third party and also to bring him into a contractual relationship with the third party, is called an Agent.
Generally, to be legally valid, most contracts must contain two elements:All parties must agree about an offer made by one party and accepted by the other.Something of value must be exchanged for something else of value. This can include goods, cash, services, or a pledge to exchange these items.
The agency agreement becomes binding when the principal (that is, you as the owner/s vendor/s of the property, or someone who is legally acting for you) and the agent have signed it. There is then a coolingoff period of one business day during which you can cancel (or 'rescind') the agreement.