Did an agency relationship exist between Woden and Becker?
Woden asserts the district court’s finding of an agency between it and Becker cannot stand because it did not pay him. W-2 and 1099 forms disclose Becker received compensation from ATI in 1992, 1993, and 1994, and there is no documentary evidence in the record tending to prove Woden directly compensated him. The fact Becker was paid by ATI does not, as a matter of law, defeat the district court’s finding he acted as agent for Woden. An agency relationship may be proven not only by direct evidence of an agreement between the parties, but also by circumstantial evidence, such as their words [*8] and conduct. Menzel v. Morse, 362 N.W.2d 465, 475 (Iowa 1985). An agent may act as agent for two principals while receiving payment from only one. Id. The “originator bonus agreement” between Woden and ATI authorized ATI, as a convenience to Woden, to pay bonuses directly to Becker for generation of business under the Woden commodity contracts. Thus, the fact compensation was not directly paid by
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