UNIT 6 6.0 AGENCY 6.1 AN AGENT An agent is one who acts on behalf of another called the principal‚ with the express or implied authority of that person. Hence an agent incurs neither rights nor liabilities on contracts made on behalf of the principal. Also an agent need not be of full contractual capacity meaning that even a minor could be appointed as such‚ even though he principal has to be of full contractual capacity. 6.2 TYPES OF AGENTS Universal: appointed to handle the
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Agency (1) AGENCY RELATIONSHIP? (2) AUTHORITY? Agency is an agreement‚ express or implied‚ by which the principal entrusts to the agent‚ the management of the business; to be transacted in his name‚ or on his account‚ and by which the agent assumes to do the business and to render an account of it. Agency involves: Principal‚ who passes authority to Agent to effect the legal relations between the principal Third party‚ acted with principal through the agent Section 135 CA (Definition of Agent)
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Business Law Tutorial 11 1. [ Refer notes - creation of agency ] 2. [ Refer notes - Duties of Agent to Principal ] 3. [ Refer notes - Duties of Principal to his Agent ] 4. 4 remedies available: Principal may repudiate the contract - Section 168 Contracts Act‚ 1950 Principal may recover the bribe from agent - Section 169 Contracts Act‚ 1950 Principal may refuse to pay commission to Agent Principal may dismiss agent for breach of duty 5. [ Refer notes - Termination
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something of value to the other party. It is an act or promise to do (or not to do) something in return for value and the value given is enforceable. All the law need is ‘valuable consideration ’. For example‚ if Jack has offered to pay S$10 for a hammer worth S$100‚ that is considered valuable consideration. There are three types of consideration in law: executory consideration‚ executed consideration and past consideration. In this case study‚ the agreement of payment between Food Enterprises Ltd and
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BUS201 Contract and Agency Law Group Based Case Study Bai Kailin Q0806156 Question 1 A tender is also considered as an offer. Tenders refers to a process by which one can seek prices and terms for a particular project (such as a construction job in this case) to be carried out under a contract. The sealed offers themselves‚ including company information‚ a project outline‚ and a price quote‚ are known as tenders or bids. Since Beng Huay Construction Pte Ltd submitted the most competitive
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Agency And Discrimination Law - You Decide Travis J. Washington MGMT 520 Q1. CEO of TEDDY’S SUPPLIES Memo To: CEO of Teddy’s Supplies From: Legal Counsel CC: Travis Washington Re: Termination of Miss Virginia Pollard Date: April 3‚ 2015 as the employer of Virginia Pollard‚ Teddy’s Supplies is liable for gender discrimination which is a violation of Title VII. Title VII of the Civil Rights Act of 1964 prohibits any form of employment discrimination against new applicant workers
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Regulatory Agency Pamela Jackson HCS/430 October 6‚ 2014 Jeannie Major Regulatory Agency The objectives behind accreditations and regulations are to keep and assure compliance is followed to the letter of the law. The regulations are designed to guide the agencies activity and the activity of the employees. Health care is an industry that must have regulations and regulators to assist the industry in complying with a plethora of issues that protect the consumers. Health care are formed and
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The forces affect an organization Introduction With an increasingly competitive and dynamic business world‚ anyone organizations want to be successful‚ managers must make and develop appropriate business strategies. Strategy is the direction and scope of an organization over the long term‚ which achieves advantage in a changing environment through its configuration of resources and competences with the aim of fulfilling stakeholder expectations. ( Johnson‚ Scholes‚ Whittington‚ 2009:3). It does
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Government Regulatory Agencies and Impact on Consumer Choices Outline HCS 490 May 26‚ 2012 Kathy Loy‚ MBA Government Regulatory Agencies and Impact on Consumer Choices Outline Congress passed the original Pure Food and Drugs Act in 1906. It has evolved into the Food and Drug Administration (FDA) and is now an agency of the Department of Health and Human Services (DHS) (FDA Milestones‚ 2006). The FDA’s main objective is to protect and promote public health through
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Important Laws That Affect Your Business Introduction: In the present world business plays an important role in every sphere of life. Business determines one’s life style‚ standard of living‚ education and even cultural standard. So to lead a bette-r life we need to understand business and study business. Business is dynamic – always changing. Coping with both predictable and unpredictable events can be easier‚ more efficient‚ and less traumatic if we understand business. Study of business will
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