Abstract and Keywords
This chapter attempts to explain how agency and partnership bridge the gap between contract and the firm. Both agency and partnership facilitate contracting, the first by enabling contractual intermediation and the second by enabling the pooling of resources in the joint pursuit of an enterprise. The main concern of agency and partnership law, however, is to address the problems caused by moving from the two-party contractual relations to three-party relationships, which creates the potential for any two parties to collude against the interests of the third. Partnership differs from agency in that it involves multiple owners who have the right and ability to exercise control over shared partnership property. That fact creates a need for partnership law to address additional collusive possibilities involving partners, whether acting on behalf of the partnership in dealing with third parties or acting against the interest of the partnership by misappropriating the partnership property.
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