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Business Law Project Report

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Project for business law

Postby Aralkis В» 24.02.2020

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I am indebted to all powerful almighty God for all the blessings he showered on me and for being with me throughout the study. I also express with great pleasure and sincerity to record my thanks, gratitude and honour to Mr. Alphonse Liguori - Managing Director and Mr. TamijuddinDirector academics,for their valuable advice and for timely help concerning various aspects that helped me in doing my project work.

I place on record my sincere gratitude and appreciation to my project guide Miss. I take this opportunity to dedicate my project to our loving faculty Miss. Finally I thank each and every one who helped me to complete this project.

The study aims at studying Agency, as far as Business Law is concerned. Accordingly the research design was prepared and adequate literature survey was made. Secondary data was collected through internet and other sources, after the collection of the secondary data, a proper compilation was made to highlight the data and form certain conclusions.

It is vital that someone understands who is an agent and his capacity to operate as far as his jurisdiction is concerned and allowed by the law.

As a crucial area in business law,it is so essential to comprehend the rights, duties and liabilities of an agent and his principal, as it will help you operate your business without the hindrances of ignorance. The law of agency covers various concepts of an agent and a principal relationship and helps to enter into such relationship principal - agent relationship without any ambiguity. Other popular areas include insurance, wills and estate planning, and consumer and creditor protection.

Business law may include issues such as starting, selling ,or buying a small business, managing a business, dealing with employees, or dealing with contracts, among others. Its also the general field of law relating to business organizations, business structures, and business transactions. Business law has a wider scope of items to be studied. In this project,much attention is given to the topic of;Agency. Succinctly, it may be referred to as the relationship between a principal and an agent whereby the principal, expressly or impliedly, authorizes the agent to work under his control and on his behalf.

The agent is,thus, required to negotiate on behalf of the principal or bring him and third parties into contractual relationship. An agents authority can be revoked by the principal. This branch of law separates and regulates the relationships between: y y y. Agents and principals, Agents and the third parties with whom they deal on their principals' behalf, and Principals and the third parties when the agents purport to deal on their behalf.

The law of agency allows one person to employ another to do her or his work, sell. The principal may authorize the agent to perform a variety of tasks or may restrict the agent to specific functions, but regardless of the amount, or scope, of authority given to the agent, the agent represents the principal and is subject to the principal's control.

More important, the principal is liable for the consequences of acts that the agent has been directed to perform. The relationship between an agent and his principal is created by contract. Under the Agency Contract,the agent is given authority to do certain things in his principal's place. In exchange for the service provided by the agent to act on his principal's behalf, the principal pays the agent a fee or commission.

Agents are not employees. The distinction between an agent and an employee is the degree of control and method of remuneration. A principal tells the agent what he wants and leaves it to the agent how to bring about the result. An employer, on the other hand, tells the employee what to do and how to do it. The agent is usually paid by way of a commission that becomes payable only when he brings in the result.

An employee, instead, expects to be remunerated for the number of hours he works regardless of whether or not the result is accomplished. Real Estate Agents are a particular kind of agents. A real estate agent acts on behalf of his principal, almost always the Seller, but can also act on behalf of a Buyer and can, in fact, act on behalf of both Seller and Buyer at the same time subject to certain restrictions. The contract that spells out the terms and conditions of the authority confered by a Seller to the real estate agent is called the Listing Agreement.

With the Buyer, the name changes to Buyer's Agency Agreement. Therefore; According to sec. According to Sec. Not of the age of majority,and Of sound mind can become an agent, so as to reasonable to his principal according to provisions in that behalf herein contained. In this context,perusal of some secondary data was done so as to study the various laws of an agent,and a principal. The need of study has also emerged so as to understand the various avenues an agent is allowed to operate as per the laws of agency.

At the end, one gets to understand the inner concept of agency as it is used in both philosophy and sociology. The objectives of the study are as follows; a. To study the various laws of agency. To know the importance of agency in various aspects.

To study and understand the inner concepts of agency as far as business law is concerned. To study and get to know the rights,liabilities and duties of both an agent and a principal. Research methodology is a very important aspect of any research work. The research design of this project is as follows; a. Literature survey,i. Compilation of data. The secondary data has been assiduously collected,after the compilation of the data conclusions have been made on this project.

AGENCY The law of agency is an area of commercial law dealing with a contractual or quasicontractual, or non-contractual set of relationships when a person, called the agent, is authorized to act on behalf of another called the principal to create a legal relationship with a third party. The agent is, thus, required to negotiate on behalf of the principal or bring him and third parties into contractual relationship. The common law principle in operation is usually represented in the Latin phrase, qui facit per alium, facit per se, i.

In India, section of the Contract Act defines Agent as a person employed to do any act for another or to represent another in dealings with third persons.

A business owner often relies on an employee or another person to conduct a business. In the case of a corporation, since a corporation is a fictitious legal person, it can only act through human agents. The principal is bound by the contract entered into by the agent, so long as the agent performs within the scope of the agency.

A third party may rely in good faith on the representation by a person who identifies himself as an agent for another. It is not always cost effective to check whether someone who is represented as having the authority to act for another actually has such authority. If it is subsequently found that the alleged agent was acting without necessary authority, the agent will generally be held liable.

Brief statement of legal principles of an Agent There are three broad classes of agent 1. Universal agents hold broad authority to act on behalf of the principal, e. General agents hold a more limited authority to conduct a series of transactions over a continuous period of time; and 3.

Special agents are authorized to conduct either only a single transaction or a specified series of transactions over a limited period of time. Authority An agent who acts within the scope of authority conferred by her principal binds the principal in the obligations she creates against third parties. There are essentially two kinds of authority recognized in the law; y y Actual authority whether express or implied , and Apparent authority.

Actual authority Actual authority can be of two kinds. Either the principal may have expressly conferred authority on the agent, or authority may be implied. Authority arises by consensual agreement, and whether it exists is a question of fact. An agent, as a general rule, is only entitled to indemnity from the principal if she has acted within the scope of her actual authority, and may be in breach of contract, and liable to a third party for breach of the implied warranty of authority.

Express actual authority means an agent has been expressly told she may act on behalf of a principal. Implied actual authority, also called "usual authority", is authority an agent has by virtue of being reasonably necessary to carry out his express authority.

As such, it can be inferred by. For example, partners have authority to bind the other partners in the firm, their liability being joint and several, and in a corporation, all executives and senior employees with decision-making authority by virtue of their position have authority to bind the corporation. Authority by Ratification Sometimes an authority can be created retroactively. For example, where an agent enters into a contract on behalf of his principal but the contract is beyond the agent's express authority, he can be given authority in the past.

This is done by ratification. If the principal consents after the fact to be bound by the unauthorized acts of his agent, he has ratified the contract. The end result is, therefore, that the principal is bound by the contract just as if the agent had been so authorized in the first place.

Usual Authority Usual authority arises when an agent is engaged by the principal to act in a particular transaction and such transaction is governed by 'customs of the trade'. In such case the principal is considered to have consented to the agent acting in accordance with such customs, as long as they are lawful and reasonable and the principal has not indicated otherwise.

Apparent authority Apparent authority also called "ostensible authority" exists where the principal's words or conduct would lead a reasonable person in the third party's position to believe that the agent was authorized to act, even if the principal and the purported agent had never discussed such a relationship. For example, where one person appoints a person to a position which carries with it agency-like powers, those who know of the appointment are entitled to assume that there is apparent authority to do the things ordinarily entrusted to one occupying such a position.

If a principal creates the impression that an agent is authorized but there is no actual authority, third parties are protected so long as they have acted reasonably. This is sometimes termed "agency by estoppel" or the "doctrine of holding out", where the principal will be estopped from denying the grant of authority if third parties have changed their positions to their detriment in reliance on the representations made.

A simple case Watteau v Fenwick In the case of Watteau v Fenwick,Lord Coleridge CJ on the Queen's Bench concurred with an opinion by Wills J that a third party could hold personally liable a principal who he did know about when he sold cigars to an agent that was acting outside of its authority.

Wills J held that "the principal is liable for all the acts of the agent which are within the authority usually confided to an agent of that character, notwithstanding limitations, as between the principal and the agent, put upon that authority. It is sometimes referred to as "usual authority" though not in the sense used by Lord Denning MR in Hely-Hutchinson, where it is synonymous with "implied actual authority".

It has been explained as a form of apparent authority, or "inherent agency power. Authority by virtue of a position held to deter:fraud and other harms that may befall individuals dealing with agents, there is a concept of Inherent Agency power, which is power derived solely by virtue of the agency relation.

For example, partners have apparent authority to bind the other partners in the firm, their liability being joint and several see below , and in a corporation, all executives and senior employees with decision-making authority by virtue of their declared position have apparent authority to bind the corporation. Even if the agent does act without authority, the principal may ratify the transaction and accept liability on the transactions as negotiated.

This may be express or implied from the principal's behavior, e. Liabilities of an Agent Liability of an agent to third party If the agent has actual or apparent authority, the agent will not be liable for acts performed within the scope of such authority, so long as the relationship of the agency and the identity of the principal have been disclosed.

business law project, time: 5:22
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Postby Gardagal В» 24.02.2020

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Postby Malagul В» 24.02.2020

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Postby Zusida В» 24.02.2020

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Postby Moogugis В» 24.02.2020

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Postby Nikokora В» 24.02.2020

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Postby Kazijar В» 24.02.2020

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Postby Basho В» 24.02.2020

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Postby Julmaran В» 24.02.2020

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Postby Vulrajas В» 24.02.2020

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Postby Migami В» 24.02.2020

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Postby Gronris В» 24.02.2020

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Postby Nizshura В» 24.02.2020

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Postby JoJotilar В» 24.02.2020

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Postby JoJora В» 24.02.2020

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Postby Dainris В» 24.02.2020

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Postby Grorg В» 24.02.2020

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Postby Vudogor В» 24.02.2020

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Postby Tojataxe В» 24.02.2020

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Postby Tygogis В» 24.02.2020

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Postby Mazunos В» 24.02.2020

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