LAW OF AGENCY The law relating to agency in Kenya is contained in the Factors Act 1889 and the common law as modified by the doctrines of equity. Agency may be defined as a legal relationship that exists between a person called the agent is considered by law to represent another known as the principal in such a way as to affect the principal’s legal position in relation to 3rd parties. It has also been defined as a relationship where a party expressly or implied consents that the other should
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3.1 Describe the different types of business that operate within the tourism industry Travel agencies can be categorized briefly into three different types‚ they are include: 1. In bound Tour Operators 2. Outbound Tour Operators 3. Corporate Travel Service Agencies 4. Land operators – Cooperation among travel agencies. For inbound tour operators‚ the customers are mainly tourists and visitors from foreign countries such as USA‚ England and Japan. About the tour operations
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Agency Issue no. 1 ABC company limited is a merchandising company that purchase good and sale it to others . the employees which load goods from the wear and reach their destination or customers wear house use a vehicle which is provided to employees for the transportation of goods .but they are using that transport facility for their personal use it is an agency issue which is facing ABC company . Solution Owner of company should observe and estimate the time which can be consumed during goods
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Law of Agency WHAT IS AN AGENCY? Sec 135 of Contract Act‚ agency is the relationships which subsists between the principal and the agent who has been authorized to act for him or represent him in dealings with others. WHO CAN BECAME A PRINCIPAL OR AGENT? Any person who is 18 years old and above and who is of sound mind may be principal. As between the principal and third persons‚ any person can became an agent. BUT persons of unsound mind and who are below 18 years are not liable towards their
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Article: Lifeboat Ethics: The Case Against Helping the Poor Garret Hardin was Professor Emeritus of Biology at the University of California – Santa Barbara‚ and considered himself to be a human ecologist who wrote‚ lectured‚ and taught about this subject. His most famous essay is “The Tragedy of the Commons‚” published in 1968; the ideas in this essay resurface in “Lifeboat Ethics.” In the article “Lifeboat Ethics: The Case Against Helping the Poor‚” Garrett Hardin argues that wealthy nations should
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the second wave in the positive theory of accounting‚ focuses among other things on agency theory. What is agency theory? Elaborate the components of agency costs as described by Jensen & Meckling (1976). Answer: Agency theory is based upon the more general contracting theory that the most cost effective form of organizing economic activity is through a firm based structure. Jensen & Meckling describe agency theory is a contract under one party (the principle) engages another party (agent)
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Writing Research Papers Writing is easy. All you do is stare at a blank sheet of paper until drops of blood form on your forehead. --- Gene Fowler A major goal of this course is the development of effective technical writing skills. To help you become an accomplished writer‚ you will prepare several research papers based upon the studies completed in lab. Our research papers are not typical "lab reports." In a teaching lab a lab report might be nothing more than answers to a set of questions
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Objective of study The objective is to investigate how principle-principle agency conflicts impact on the quality and effectiveness of corporate governance in European listed companies. Motivation for study Most of corporate governance research only reveals that corporate governance can solute the agency conflicts between management and shareholders which fails to identify principle-principle agency conflicts and their influences on corporate governance. Research question Whether
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QUESTION: Explain what agency of necessity is and how it may arise. AUTHOR: KATALILO JOY INTRODUCTION This paper will explain what agency of necessity is and how this agency arises. Agency is the work done by an agent. An agent is a person that has a contractual obligation with a principal to bind the principal to a third party without the agent being party to the contract. The contract then becomes one between the principal and the third party. In lay terms‚ imagine parties A‚ B and
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fusion of government branches that are inevitable in a parliamentary government. On the other hand it could also be strongly argued that both independence and neutrality are strongly upheld within the judiciary. It can be argued that judges are independent to a great extent due to the reformed appointment process. The
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