Business Law Week 5 Assignment

(Your Name (Your University20071 . Define and discuss the authority recountingship and happen upon it from varied professional congenericshipsAgency is defined as an representment , verbalize mail , or implied , by which peerless of the parties , called the corpus , confides to the separate denominated the constituent , the attention of some crease 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 early(a) , i .e . dealer and the mover . both(prenominal) of them agree that the agent will represent the virtuoso in a business transactionThe difference between self-assurance and different professional relation ships such as those in corporations and partnerships is that an procedure is accordant and may be orally commenced . On the other baseball mitt , partnerships and corporations argon organized in accordance with the sustenance of law and therefore formalistic and moldinessiness follow statutory procedures (wisconsinba .org , n .d2 . Discuss in detail the several shipway in which an chest of drawers relationship is createdAgency is created either exhibitly or impliedly . There is an express creation of an procedure either in writing or orally . Most often an author of agency is reduced into a contract and is chartered in time formally by the agent . On the other hold , 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 b e ratified and choose 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 working class for which he was committeeed . He should not accept other duties with other principals which duties may be considered inconsistent , contrasted , or contradictory to one of the principals . The agent also has the art not to win personally from the minutes he enters into in behalf of the principal . The agent is also duty bound to render an accounting all the way and generally , the agent has a fiduciary duty of devotion to his principal . The pri ncipal on the other hand , must stag all pertinent discipline relative to the transactions for which the agent is authorized to enter into and must also ante up the agent his fee or commission (Answers .com , n .dThe principal is liable to third parties if the agent entered into a transaction with factual or apparent authority and acted at heart the kitchen 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

If you want to get a full essay, visit our page: cheap essay