25. Identify the parties to an agency agreement and describe the relationship of the parties.

26. Classify the two major kinds of agents and discuss the four ways in which an agency may be created.

27. Differentiate among disclosed principal, partially disclosed principal, and undis- closed principal.

28. Explain how an agency may be terminated.

29. Differentiate between the principal-agent and employer-employee relationships.

30. Distinguish among express, implied, and apparent authority.

31. Agency It is often difficult for a third party to distinguish between an agent and an employee. Are there times when it is important to distinguish between the two? Should there be a clear identification system established?

32. Agent's Liability A principal is liable for the torts and crimes committed by an agent if he or she is performing authorized duties. To what extent should the agent also be liable?

33. Undisclosed Principal Does it seem likely that a third party would be suspicious if an agent disclosed the existence but not the identity of his or her principal?

34. Employees as Agents Does it place an unnecessary burden on a third party to determine whether he or she is dealing with an employee who has the authority of an agent?

35. A Question of Ethics In some states, an agent's contracts may be voided if he or she is acting for a principal who is a minor. Is this fair to a third party with whom the contract is signed?