Matthew Smith Agency Relationship Agency relationship is a consensual relationship between two parties‚ where one party‚ the principal‚ gives authority to another party‚ the agent‚ to act on behalf of and under the control of the principal to deal with a third party‚ thereby creating a fiduciary relationship. The law of agency allows one person to employ another to do his/her work‚ sell his/her goods‚ and acquire property on his/her own behalf. Although a principal-agent relationship can be created
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AGENCY RELATIONSHIP An agency is a relationship which exists when one party called the principle appoints and authorizes another called the agent to enter into a contract with a third party ‚ which contract is legally binding to both parties. An agent is therefore a party who is authorized to represent or act on behalf of another for the purpose of bringing that other party into legal relations with a third party. A Principal is a party who authorizes another party to represent or act on his
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Defining the psychological contract The exchange relationship between organisation and employee ranges the entire contract spectrum from strictly legal to purely psychological (Spindler 1994). Many aspects of this relationship are shaped by legislation‚ enterprise agreements and/or an employment contract signed by the employee detailing issues such as hours‚ salary and benefit plans. However‚ other aspects of the employment relationship are likely to be confined to the subconscious (Spindler 1994)
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and Sonny are partners in‚ rather than creditors to‚ Busy Bee as represented by Rose and Mary to Friendly Bank and if they are determined to be partners‚ whether they would be liable for Busy Bee’s debts to Friendly Bank because of the agency relationship between partners in a partnership. Rules In determining whether there is a partnership‚ the essential elements of a partnership must first be satisfied‚ that is: a business is being carried on; the business is carried on ‘in common’; and
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it’s clear that most community’s is a far stretch from what some would say reading this as in some places the police do not even respond to any sort of call if it is what they would say is a ‘high crime area’. Now‚ this could cause the responders (If any) to become lax or even not respond at all until the crime is well over‚ and the damage is done. Race discrimination is almost common place in smaller or more secluded towns‚ but the relationship to the police is almost too strong as they are usually
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analyse the relationship between companies and their stakeholders and to determine whether or not good relationships with stakeholders lead to benefits‚ therefore possibly leading to significant cost savings. Benefits of good relationships with stakeholders: Positive relationships with stakeholders lead to several benefits for a company‚ in many aspects of the work place. Some of these benefits include: * Conflict resolution If positive relationships are maintained between management and
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lapse in Agency-relationship problem. You are one of the board members of a public listed company. Discuss how‚ you would implement the necessary safeguards to prevent such instances happening in your company. 1.0 Suggestions to resolve Agency relationship problems. An agency relationship arises whenever individuals‚ known as principals‚ hire individuals‚ known as agents‚ to perform services and delegate decision-making authority to the agents. The primary agency relationships in business
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the relationship between employees and health care organizations to determine which single factor is the most significant. Explain your reasoning. The long-term economic success of healthcare organizations depends on the efforts of employees with the appropriate capabilities and motivation to perform their jobs well. Organizations that are successful over time have understood that individual relationships do matter and should be managed.(Flynn‚ Mathis & Jackson‚ 2011) The relationship between
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THE RELATIONSHIP BETWEEN LEADERSHIP STYLES AND EMPLOYEES COMMITMENT IN EAST AFRICA BOTTLING S.C (COCA-COLA) A TERM PAPER: THE COURSE OF ADVANCED ORGANIZATIONAL BEHAVIOR AND DESIGN BY: SIRAK TEFERI ……….…. MKMW/601/06 SUBMITTED TO: TESFAYE SEMELA (Professor) The Relationship Between Leadership Styles and Employees Commitment Table of Contents 1. INTRODUCTION.............................................................................................................................
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THE AGENCY RELATIONSHIP If you are the sole owner of a business‚ you make the decisions that affect your own well-being. But what if you are a financial manager of a business and you are not the sole owner? In this case‚ you are making decisions for owners other than yourself; you‚ the financial manager‚ are an agent. An agent is a person who acts for—and exerts powers of—another person or group of persons. The person the agent represents is referred to as the principal. The relationship between
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