Which legal principle relates to agents being employed to secure contracts on behalf of others?

The legal principle that pertains to agents being employed to secure contracts on behalf of others is rooted in Common Law. This area of law recognizes the authority of an agent to act on behalf of a principal in contractual relationships. The fundamental concept is that agents, which can include insurance brokers or agents, have the legal capacity to bind the principal in agreements, provided they operate within the scope of their authority.

At Common Law, the relationship between the agent and principal is characterized by fiduciary duties, where the agent is expected to act in the best interest of the principal and with loyalty and good faith. The legal framework under Common Law is essential for understanding how roles and responsibilities are articulated in contracts, ensuring clarity and protection for both parties involved.

Other types of law, such as Statutory Law, generally derive from legislation passed by governing bodies and do not specifically address the nuances of agency relationships as Common Law does. Civil Law and Regulatory Law similarly do not encompass the fundamental principles surrounding agency contracts in the same way Common Law does. Thus, the correct answer is that it is Common Law that governs the legal principles related to agents securing contracts on behalf of others.