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agency

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a⋅gen⋅cy

  [ey-juhn-see]
Use agency in a Sentence
–noun, plural -cies.
1. an organization, company, or bureau that provides some service for another: a welfare agency.
2. a company having a franchise to represent another.
3. a governmental bureau, or an office that represents it.
4. the place of business of an agent.
5. Indian agency.
6. an administrative division of a government.
7. the duty or function of an agent.
8. the relationship between a principal and his or her agent.
9. the state of being in action or of exerting power; operation: the agency of Providence.
10. a means of exerting power or influence; instrumentality: nominated by the agency of friends.
Origin:
1650–60; < ML agentia, equiv. to L ag- (root of agere to do, act, manage) + -entia -ency

Synonyms:
10. intercession, good offices.
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Based on the Random House Dictionary, © Random House, Inc. 2009.
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a·gen·cy   (ā'jən-sē)   
n.   pl. a·gen·cies

  1. The condition of being in action; operation.

  2. The means or mode of acting; instrumentality.

  3. A business or service authorized to act for others: an employment agency.

  4. An administrative division of a government or international body.


[Medieval Latin agentia, from Latin agēns, agent-, present participle of agere, to do; see agent.]
The American Heritage® Dictionary of the English Language, Fourth Edition
Copyright © 2009 by Houghton Mifflin Company.
Published by Houghton Mifflin Company. All rights reserved.
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Word Origin & History

agency 
1658, "acting of an agent," from M.L. agentia, noun of state from L. agentem (nom. agens, gen. agentis), prp. of agere (see act). Meaning "establishment where business is done for another" first recorded 1861.
Online Etymology Dictionary, © 2001 Douglas Harper
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Financial Dictionary

agency

  1. A security issued by a federal agency or federally sponsored corporation. See also federal agency security, federally sponsored corporate security.

  2. A relationship between an agent and a principal in which the agent acts for and represents the principal on the basis of the principal's instructions.


Wall Street Words: An A to Z Guide to Investment Terms by David L. Scott.
Copyright © 2003. Published by Houghton Mifflin.
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Legal Dictionary

Main Entry: agen·cy
Function: noun
Inflected Form: plural -cies
1 : the person or thing through which power is exerted or an end is achieved agency —W. Railroad LaFave and A. W. Scott, Junior>
2 a : a consensual fiduciary relationship in which one party acts on behalf of and under the control of another in dealing with third parties; also : the power of one in such a relationship to act on behalf of another
NOTE: A principal is bound by and liable for acts of his or her agent that are within the scope of the agency.
ac·tu·al agency
: the agency that exists when an agent is in fact employed by a principal —see also EXPRESS AGENCY and, IMPLIED AGENCY in this entry
agency by estoppel
: an agency that is not created as an actual agency by a principal and an agent but that is imposed by law when a principal acts in such a way as to lead a third party to reasonably believe that another is the principal's agent and the third party is injured by relying on and acting in accordance with that belief
NOTE: A principal has a duty to correct a third party's mistaken belief in an agent's authority to act on the principal's behalf. If the principal could have corrected the misunderstanding but failed to do so, he or she is estopped from denying the existence of the agency and is bound by the agent's acts in dealing with the third party.
agency cou·pled with an interest
: an agency in which the agent has an interest in the property regarding which he or she is acting on the principal's behalf
ap·par·ent agency
: AGENCY BY ESTOPPEL in this entry
exclusive agency
: an agency common in real estate sales in which the property owner agrees to employ no agents to sell the property other than the one hired for a specified period
express agency
: an actual agency created by the written or spoken words of the principal authorizing the agent to act —compare IMPLIED AGENCY in this entry
general agency
: an agency in which the agent is authorized to perform on behalf of the principal in all matters in furtherance of a particular business of the principal —compare SPECIAL AGENCY in this entry
implied agency
: an actual agency created by acts of a principal that reasonably imply an intention to create an agency relationship —compare EXPRESS AGENCY in this entry
ostensible agency
: AGENCY BY ESTOPPEL in this entry
special agency
: an agency in which the agent is authorized to perform only specified acts or to act only in a specified transaction —compare GENERAL AGENCY in this entry
universal agency
: GENERAL AGENCY in this entry b : the office and function of an agent agency —Railroad C. Clark> c : the law concerned with the relationship of a principal and an agent
3 : an establishment engaged in doing the business of another: as a : an establishment authorized by an insurance company to sell insurance policies and provide services offered by the insurer b : an establishment authorized by property owners to find a buyer for their property
NOTE: Many businesses that use the term agency are not truly agencies as defined in sense 2.
4 : a department or other unit of government created by legislation to administer the law in a particular area of public concern called also administrative agency —see also ENABLING STATUTE, EXHAUSTION OF REMEDIES Administrative Procedure Act in the IMPORTANT LAWS section
NOTE: When a legislature determines that government involvement is needed in a particular social activity or problem, it may write legislation creating an agency either directly or by authorizing the executive to set it up. Agencies exist at the federal, state, and local level. Most federal agencies are attached to the executive branch of government. Some agencies (such as the Environmental Protection Agency) are called an agency. An agency may, however, be called such other names as board (as the National Labor Relations Board) commission (as the Securities and Exchange Commission) administration (as the Social Security Administration), and service (as the Internal Revenue Service). Agencies at the federal level are governed by the provisions of the Administrative Procedure Act, which is found at title 5 of the U.S. Code.
independent agency
: an agency that is not part of any of the three branches of government
regulatory agency
: an agency that is authorized by the legislature to establish and enforce rules regulating its particular area of concern —often used interchangeably with agency or administrative agency
Merriam-Webster's Dictionary of Law, © 1996 Merriam-Webster, Inc.
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