What would happen to the agency agreement is that it would be terminated based on the fact that this house has been burnt to the ground.
This is the term that is used to refer to the business arrangement that would have a particular person that is known to be an agent who is in charge of working for the other client who is the principal. This person helps the principal to arrive at deals and also close these deals.
In the agreement here, everything would be terminated based on the fact that the property that is the object of the deal is no longer in existence. Hence the deal can no longer go on.
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