File Name: relationship between principal and third party .zip
After reading this chapter, you should understand the following:. An agent is a person who acts in the name of and on behalf of another, having been given and assumed some degree of authority to do so. Most organized human activity—and virtually all commercial activity—is carried on through agency. No corporation would be possible, even in theory, without such a concept. Likewise, partnerships and other business organizations rely extensively on agents to conduct their business.
As a small business owner, it's likely that you routinely employ other people to perform tasks and make decisions on your behalf. Delegating responsibility can take a lot of weight off your shoulders and bring in expertise that you may not have yourself. For the relationship to work, however, you must ensure that the agent will make optimal decisions on behalf of the business — something that sounds simple, but can be incredibly challenging. Agency theory describes the relationship between you the principal and the person you appoint to act on your behalf the agent. The agent has a duty to act in the best interests of the principal. Agency is the relationship that's created when you the principal appoint another person the agent to act on your behalf.
Why do we care about agency relationships? Because it is the fundamental concept on which other business or other relationships are built, such as partnerships, corporations, trusts, and the like! An Agency relationship is:. It may be a business or personal relationship.
For details on it including licensing , click here. This book is licensed under a Creative Commons by-nc-sa 3. See the license for more details, but that basically means you can share this book as long as you credit the author but see below , don't make money from it, and do make it available to everyone else under the same terms. This content was accessible as of December 29, , and it was downloaded then by Andy Schmitz in an effort to preserve the availability of this book. Normally, the author and publisher would be credited here.
In some cases the knowledge of the principal is deemed to be the knowledge of the agent, and vice versa. Where the principal seeks, as against third parties, to take the benefit of an act done by another person on his behalf, the question whether the act was done with our without authority is of little importance, since an unauthorized act may, as a rule be ratified. The Principal will be liable to the third party if the act of the agent falls within :. All acts falling, within the express authority of the agent bind the principal.
У входа возьмешь такси. Беккер вытащил из кармана купюру в тысячу песет и сунул панку в руку. - Премного благодарен, приятель! - крикнул тот ему вслед. - Увидишь Меган, передавай от меня привет! - Но Беккер уже исчез. Двуцветный вздохнул и поплелся к танцующим. Он был слишком пьян, чтобы заметить идущего следом за ним человека в очках в тонкой металлической оправе. Выбравшись наружу, Беккер оглядел стоянку в поисках такси.
Халохот был вынужден скрыться, не успев обыскать убитого, найти ключ. А когда пыль осела, тело Танкадо попало в руки местной полиции. Стратмор был взбешен. Халохот впервые сорвал задание, выбрав неблагоприятные время и место. Получить ключ было необходимо, но Стратмор отлично понимал, что посылать глухого киллера в севильский морг было бы настоящим самоубийством. И тогда он стал искать иные возможности. Так начал обретать форму второй план.
Лжец, - засмеялась Сьюзан, открывая. - Я же угада… - Но она замолкла на полуслове.
The law of agency is an area of commercial law dealing with a set of contractual , quasi-contractual and non-contractual fiduciary relationships that involve a person, called the agent , that is authorized to act on behalf of another called the principal to create legal relations with a third party.Reply
This chapter focuses on the relationship between principal and agent.Reply
authority in making the contract on the principal's behalf. • Partially Disclosed Principal is contractually bound with the third party if the agent acts within her.Reply