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Simple English definitions for legal terms
co-agent
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A quick definition of co-agent:
A co-agent is a person who shares the authority to act for someone else, called the principal, with another agent. This means that both agents have the power to make decisions and take actions on behalf of the principal. It's like having two people working together to get things done. Co-agents are also called dual agents.A more thorough explanation:
Definition: A co-agent is a person who shares the authority to act for a principal with another agent. It is also known as a dual agent.
Example: Two real estate agents may be appointed as co-agents to sell a property. They share the responsibility of finding a buyer and negotiating the sale on behalf of the principal.
Explanation: In this example, both agents have equal authority to act on behalf of the principal. They share the responsibility of finding a buyer and negotiating the sale. This means that either agent can make decisions and take actions that bind the principal.