What must all agency agreements include?

An agency agreement must include an outline of agency duties and responsibilities because this is fundamental to defining the relationship between the parties involved. The agent must clearly understand the scope of their authority, the tasks they are expected to perform, and the standards they must adhere to while representing the principal. This clarity helps prevent misunderstandings and ensures that both parties are aligned on what is expected, which is critical in any agency relationship.

In contrast, simply listing the agent's name or focusing only on the details of the compensation structure would be insufficient, as these elements do not encompass the comprehensive framework necessary for a functional agency relationship. While acknowledging the principal's goals and obligations is important, it is the duties and responsibilities that form the operational guidelines that govern the interactions and actions within the agency. This makes option D the most comprehensive answer to what must be included in all agency agreements.