What are the essentialia of an agency agreement?

The essentialia of an agency agreement include the mutual consent of the principal and the agent, the authority granted to the agent to act on behalf of the principal, and the purpose of the agency, which typically involves conducting business or negotiating transactions. Additionally, there must be a clear understanding of the rights and obligations of both parties, including the scope of the agent's authority and any compensation arrangements. These elements ensure that the agency relationship is legally binding and effective.