Answer:
Agency relationship is when one party (the principal) would like another party (the agent) to act in some way, or have some attribute that is in the interest of the principal and that cannot be enforced or guaranteed in a binding contract.
Step-by-step explanation:
In law, the term agency refers to the consensual and fiduciary relationship created when a party -principal- engages another -agent- to act on his or her behalf. Some relationships commonly associated with agency law are employer-employee, guardian-wardor and administrator-decedent.