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Agency Law - US. 1  Agency Law - Wikipedia The law of agency is an area of commercial law dealing with a contractual or quasi-contractual, or non-contractual set of relationships when an agent is authorized to act on behalf of another (called the Principal) to create a legal relationship with a Third Party.
Definition. A regulatory agency part of the government of the United States established by Congress but works independently of the executive governmental departments in a supervisory role.Independent agencies can be qualified as either a public authority or a government agency. regulatory agency part of the government of the United States established by Congress but works independently of the executive governmental departments in a supervisory role.