3. The student will analyze agency law by: a. differentiating the requirements for the creation of an agency relationship and identifying and explaining the fiduciary duties of both the agent and principal as well as methods of terminating the relationship. b. identifying the relative liabilities of an agent, the principal and third parties. c distinguishing between an employee and an independent contractor and delineating the principal's relative liability for the actions of both, d. defining and explaining the doctrine of respondeat superior