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 principal for acts done by them as agents. CREATION OF AGENCY 1) Express Appointment
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that the agent is acting for a principal‚ then both the agency and the principal is known as undisclosed ones. The agent of an undisclosed principal can be held liable on the contract as the real obligor as she contracted in that capacity. Similarly‚ an undisclosed principal can also be held liable as he must also assume its burdens. The liability of an undisclosed principal and the agent is an alternative liability. It means that the third party can only make either the principal or the agent liable
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(b)By implied appointment by the principal (actual implied authority) (c)By the agent occupying a position which would normally carry with it authority to do an act of the kind in question (usual authority) (d)By the principal adopting the act of an agent via the process of ratification when the agent acted without the authority of the principal (agency by ratification) (f)By estoppel 2. Who is an agent? An agent is a person male or female has been employed by a principal to act for him or represent
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Case 1: In this case about 200 customers of Potter’s business were not notified of the termination of the agency and Aker who had been a sales agent for Potter for twenty years was also fired along with the termination of the company. Typically when there is a termination of an agency or a agency relationship the agent no longer represents the principal (Potter). However‚ if an agency is terminated the principal is under a duty of notification of the termination of the agency to the third parties
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their flights they would have to call the Jet Blue reservation office. At the rime the people were calling trying to rebook flights and everything there were only 650 agents available to take calls at one particular time. There were a lot more people needing assistance than there were available agents. They were able to get 950 agents available but they were still having a difficult time finding enough staff to assist people. Jet Blue finally had to dispatch a technology team to the airport to help
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Nature and Creation of an Agent * Duties of an Agent to his Principal * Duties of a Principal to his Agent * Termination of Agency Contract NATURE OF AGENCY What is an agency? Section 135 of Contract Act 1950: “Agency is the relationship which subsists between the principal and the agent who has been authorized to act for him or represent him in dealings with others.” There are two types of agency contracts:- 1. Contract between principal & agent 2. Contract between principal
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meet as many agents‚ coaches‚ clients and media members as I can. After working in marketing I will have found a couple prospective clients of my own‚ and will have persuaded the firm to let me become certified to become a full time agent. Depending on what field of sports I choose as my canvas‚ I will have to be tested and be completely certified for the position. This will include learning the league rules‚ salary cap information‚ player benefits‚ and the regulations of being an agent. After completing
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loss and the agent has acted in good faith‚ an agency of necessity arises. The Contracts Act 1950 states that an agent has to obey principal’s instructions. The Contracts Act 1950 states that an agent has to be careful‚ diligent and use any skill that he may have. The Contracts Act 1950 states that an agent has to give proper accounts. The Contracts Act 1950 states that an agent has to his
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This case comes under Law of Agency. Agency Law is concerned with any “principal‚ agent and third party” relationship; a relationship in which one person has legal authority to act for another. Agency involves three parties : • Principal – Mr. Smithfield • Agent – U.K. Rail • Third Party – Pig resort/Care Centre Agency relationship may arise in five ways and one them which arise in this case is “Agency Of Necessity” and the requirements are : • Genuine necessity – there was a delay in delivering
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low-level employee be a change agent? Explain your answer. If the low-level employee is a low-level manager‚ it is possible that he or she could act as a change analyst‚ just as any manager can be a change agent. However‚ it is important to note that change should begin at the top and work its way done. Change is most successful when it is supported by top management. Also‚ it is important to remember that as organizations empower employees‚ they may empower them as change agents‚ also. II. How are opportunities
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