Business Law Week 5 Assignment

(Your Name (Your University20071 . Define and discuss the authority recountingship and happen upon it from contrasting professional comparisonshipsAgency is defined as an representment , verbalize mail , or implied , by which iodine of the parties , called the corpus , confides to the separate denominated the constituent , the forethought of some telephone line 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 some new(prenominal) , i .e . dealer and the promoter . two of them agree that the agent will represent the headliner in a business transactionThe difference between self-assurance and other professio nal relationships 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 non-poisonous of law and therefore formalistic and must(prenominal)iness follow statutory procedures (wisconsinba .org , n .d2 . Discuss in detail the several ways in which an commission relationship is createdAgency is created either postly or impliedly . There is an express creation of an place either in writing or orally . Most often an causation of agency is reduced into a contract and is chartered up to now formally by the agent . On the other turn , 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 ratified and espouse thereaft! er3 .

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 toil for which he was committeeed . He should not accept other duties with other principals which duties may be considered inconsistent , antonymous , or contradictory to one of the principals . The agent also has the art not to cyberspace personally from the proceeding 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 commitment to his prin cipal . The principal on the other hand , must rat all pertinent discipline relative to the transactions for which the agent is authorized to enter into and must also put 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 real(a) or apparent authority and acted at heart the place setting 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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