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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Ethics in Marketing: False Advertising History of Advertising and the Rise of Ethical Implications For decades‚ advertisements have been telling us not only what to buy‚ but also what we shouldn’t be able to live without. The history of advertising can be traced back as far as the Roman Empire‚ where posters advertising the gladiatorial games would be hung around for all to see. Modern advertising dates back to about 1583 when the first daily newspaper was printed in England under the reign
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official HHS website‚ the department works with almost one fourth of all federal government expenditures and administers more grant dollars than all other federal agencies combined. The Department’s programs are administered by 11 operating divisions composed of eight agencies in the U.S. Public Health Service and three human services agencies (TechTarget 2013). Unfortunately‚ there is a large population of Americans and legal citizens‚ alike‚ which do not have sufficient healthcare insurance or any
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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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Hindi films are banned in Manipur since September‚ 2000‚ by separatist militant group Revolutionary Peoples Front which claims that Bollywood goes against Manipuri values. Priyanka Chopra is happy with all the critical praise coming her way for her performance as MC Mary Kom in the boxer’s biopic but the actress says it is “disheartening” that people from Manipur cannot see the movie. Kom too had expressed her sadness over her hometown missing its date with the big screen version of her life-story
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Regulatory Agency Regulatory agencies are put in place to ensure that health care organizations and the providers within them promote safety‚ legal compliance‚ and quality care for patients. Regulating health care is vital because if health care organizations were not required to be accredited patients would not feel safe when seeking health care services. The Joint Commission on Accreditation of Healthcare Organizations otherwise known as JCAHO is a regulatory agency. The JCAHO “conducts periodic
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employee-to-sales ratios and tells restaurants to cut staffing when the sales have dropped below a certain range at any hour. This has agency problem written all over it. Maybe not so much along the lines of managers acting for the best interest of shareholders but definitely managers acting in their own interests and not in the employee’s best interests. This agency problem is arising from the
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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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Agency Theory Agency theory is widely used in different companies‚ businesses and organizations Agency Theory is basically about the association between the boss‚ which is the Principal‚ and the worker‚ which is the Agent. A good example for an application of the Agency Theory would be sharecropping‚ where the Principal is the landowner and the Agent is the farmer. Another example for the Agency Theory in a more familiar organizational structure would be the relationship between a company’s shareholders
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Agency Theory Description Agency theory describes the relationship between principals (shareholders‚ investors and owners) and agents (management). Theoretical discussions in business and academia may be a modern phenomena‚ however the dynamics surrounding agency relationships have been around since the dawn of barter and exchange. Most business relationships are fundamentally agency relationships. In simplistic terms principals have interests and goals to which they have transferred the
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