principal is created by contract. Under the agency contract‚ the agent is given authority to do certain things in his principal’s place. The principal pay’s the agent a fee or commission in exchnge for the service provided by him or her. An agent must always disclose to the principal any material information acquired while performing the agency. Personal quality‚ skill‚ and trust are vital aspects in the relationship between the principal and the agent. An agency can be created in three types of ways
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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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questions. 1. What is an Agency? Agency is a fiduciary relationship “which results from the manifestation of consent by one person to another that the other shall act in his behalf and subject to his control‚ and consent by the other so to act”. A party who employs another person to act in his behalf and subject is called a Principal. A party who agrees to act on behalf of another is called an Agent. Agency is governed by a large body of common law known as agency law. Eg: A real estate broker
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Institute of Law CODE OF COMMERCE Commerce It is that branch of human activity‚ the purpose of which is to bring products to the consumer by means of exchanges or operations which tend to supply and extend to him‚ habitually‚ with intent to gain at the proper time and place in good quality and quantity. “Commerce” and “trade” are used interchangeably although the former is more commonly used in international dealings and the latter in domestic ones. (Pandect of Commercial Law and jurisprudence
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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 (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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Hidayatullah National Law University‚ Uparawara‚ Raipur (C.G.)‚ 2010 LEGAL METHOD AND INTRODUCTION TO LEGAL SYSTEM Semester – I B.A.LL.B. (Hons.) Ms. Shradha B. Rajput Mr. Azim B. Pathan INTRODUCTION OF THE COURSE: This course is the window to see the law and it is the beginning of law students’ transformation into lawyers. It teaches the students to engage with legal texts‚ to think critically about the law‚ and most importantly
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Local law enforcement is made up of a city’s police department‚ a sheriffs department‚ and some small town police departments. The local city police have the job of patrolling the streets for law violators‚ traffic violations‚ criminal investigations‚ and also providing crowd control. Most counties have a sheriffs department that can handle its crimes. The sheriffs department has the responsibility of handling the local jails; they are bailiffs in the local court rooms‚ they are coroners‚ as well
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Inc. **Contract Law Portion** There are two bodies of law that govern contracts; Article 2 of the Uniform Commercial Code and the common law of contracts. “The Uniform Commercial Code‚ or UCC‚ is statutory law in every state. The common law of contracts is court-made law that‚ like all court-made law‚ is in a constant state of evolution.” (Mallor‚ 2007) The UCC was created by the American Law Institute and the National Conference of Commissioners on Uniform State Laws to establish a uniform
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