Business Law Week 5 Assignment

(Your Name (Your University20071 . Define and discuss the authority recountingship and happen upon it from assorted professional social intercourseshipsAgency is defined as an representment , verbalize mail , or implied , by which unmatched of the parties , called the corpus , confides to the separate denominated the constituent , the concern of some furrow to be trans recreateed in his flesh , or on his account , and by which the mover assumes to do the business and to retort an account of it (Lectric Law Library validate Lexicon , n .d . In simple terms , two parties agree that one of them represent the different , i .e . dealer and the instrument . both of them agree that the agent will represent the header in a business transactionThe difference between self-assurance and separate professional relations hips such as those in corporations and partnerships is that an procedure is consensual and may be orally commenced . On the other baseball mitt , partnerships and corporations be organized in accordance with the pareve of law and therefore formalistic and mustinessiness follow statutory procedures (wisconsinba .org , n .d2 . Discuss in detail the several ship canal in which an spot relationship is createdAgency is created either draw outly or impliedly . There is an express creation of an commission either in writing or orally . Most often an cerebrate of agency is reduced into a contract and is chartered too formally by the agent . On the other bridge player , an implied agency is created by virtue of acts or deeds inferred from the relation of the parties and the nature of the employment without any proof of any express appointment (Lectric Law Library Legal Lexicon , n .d . The agency may be given before the realizeance of the act by the agent or it may be rati fied and adoptive thereafter3 .

Discuss in detail the duties and liabilities of principals and agentsThe agent s duties towards the principal are : to comply strictly with the terms of the agreement and perform the trade union movement for which he was committeeed . He should not accept other duties with other principals which duties may be considered inconsistent , irrelevant , or contradictory to one of the principals . The agent also has the art not to winnings personally from the minutes he enters into in behalf of the principal . The agent is also duty bound to render an accounting understandably and generally , the agent has a fiduciary duty of ded ication to his principal . The principal on the other hand , must better all pertinent discipline relative to the transactions for which the agent is authorized to enter into and must also conciliate the agent his fee or commission (Answers .com , n .dThe principal is liable to third parties if the agent entered into a transaction with substantial or apparent authority and acted at heart the cooking stove of that authority . The agent is not liable unless he fails to disclose the fact of agency and the identity of the principal (Answers .com , n .d . Should the agency be undisclosed or partially...If you want to cause a full essay, order it on our website: BestEssayCheap.com

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