Business Law
Assignment Submission Form
Module Name | Commercial and Company Law in Semester 2. | Name of Lecturer | Sheila McCarthy | | | Title of Assignment | Law CA Semester 2 -2013 | | | | | Campus | LIT Tipperary Thurles | Course | Bachelor Of Business Level 7 | Student ID(s) | P10011462 | Name of Student(s) | Martin G Lynch | Date | 13/03/13 | Word Count | 2004 |
I declare that no element of this assignment has been plagiarised: Student Signature | |
“An Agent is a person who is authorised to act for another, the Principal in the making of legal relations with third parties”
Discuss this statement and give examples and referring to case law when answering.
To full discuss the statement above we will examine the relationship of an Agent in the context of company law. It is important for people to understand what an Agent is, and the legal bearing they can have on companies and organization is when acting on their behalf. Irish companies have been using such agents for decades. This enables them to take advantage of an agent's local understanding or existing trade acquaintances.
An agency relationship arises where an “individual”, known as the Agent is authorised to enter into negotiations for the Principal. These negotiations are reconised through a binding contract between the third party and the principal. On conclusion, obligations of the contract are the responsibility of the Principal and the Third Party. The Principal can only be bound by a contract entered into on their behalf if the Agent had the legal capacity to enter into such an agreement.
An Agency relationship can arise by: 1. Express Authority 2. Implied Authority 3. Apparent or Ostensible authority 4. Agency By Ratification 5. Agency By Necessity 6. Agency By Estoppel
Express Authority
Where an agent's power to act on behalf of a principal will be explicitly granted to the agent by an agreement between the agent and principal.
Module Name | Commercial and Company Law in Semester 2. | Name of Lecturer | Sheila McCarthy | | | Title of Assignment | Law CA Semester 2 -2013 | | | | | Campus | LIT Tipperary Thurles | Course | Bachelor Of Business Level 7 | Student ID(s) | P10011462 | Name of Student(s) | Martin G Lynch | Date | 13/03/13 | Word Count | 2004 |
I declare that no element of this assignment has been plagiarised: Student Signature | |
“An Agent is a person who is authorised to act for another, the Principal in the making of legal relations with third parties”
Discuss this statement and give examples and referring to case law when answering.
To full discuss the statement above we will examine the relationship of an Agent in the context of company law. It is important for people to understand what an Agent is, and the legal bearing they can have on companies and organization is when acting on their behalf. Irish companies have been using such agents for decades. This enables them to take advantage of an agent's local understanding or existing trade acquaintances.
An agency relationship arises where an “individual”, known as the Agent is authorised to enter into negotiations for the Principal. These negotiations are reconised through a binding contract between the third party and the principal. On conclusion, obligations of the contract are the responsibility of the Principal and the Third Party. The Principal can only be bound by a contract entered into on their behalf if the Agent had the legal capacity to enter into such an agreement.
An Agency relationship can arise by: 1. Express Authority 2. Implied Authority 3. Apparent or Ostensible authority 4. Agency By Ratification 5. Agency By Necessity 6. Agency By Estoppel
Express Authority
Where an agent's power to act on behalf of a principal will be explicitly granted to the agent by an agreement between the agent and principal.