What is the term for the termination of an agency by the agent?

The term that describes the termination of an agency by the agent is "renunciation." When an agent renounces an agency, they are essentially informing the principal that they will no longer act on their behalf. This can occur for various reasons, including disagreements with the principal or a desire to pursue other opportunities.

Understanding "renunciation" is essential in the context of agency law because it highlights the individual's ability to terminate their own authority in a professional relationship. This concept is pivotal for ensuring that there is clarity in contractual obligations and that both parties are aware of their roles moving forward. In contrast, terms like withdrawal or abandonment typically do not specifically denote a voluntary cessation of the agency by the agent, which makes renunciation the most accurate term in this scenario.