Agency
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The document defines an agent as a person employed to act for or represent another person called the principal. It states that an agency is the contract that creates the relationship between a principal and agent. The key requirements for a valid agency are that there must be an agreement between the principal and agent, the agent must act in a representative capacity, and the principal must be competent.
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![Contract of Agency
"Agent" and "principal" defined
An "agent" is a person employed to do any act for another, or to represent
another in dealing with third persons. The person for whom such act is
done, or who is so represented, is called the "principal". [Sec 182]
Who may employ agent
Any person who is of the age of majority according to the law to which he
is subject, and who is of sound mind, may employ an agent. [Sec 183]
Who may be an agent
As between the principal and third persons, any person may become an
agent, but no person who is not of the age of majority and sound mind
can become an agent, so as to be responsible to the principal according
to the provisions in that behalf herein contained. [ Sec 184]
Agent and Servant: direct supervision and control](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)
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introduction to contract law termination of offer etc
The document discusses various ways in which a contract can be terminated, including revocation, rejection, lapse of time, death or change of status of a party, and failure of a condition. It also covers capacity to contract, including discussing minors, married women, persons of unsound mind, corporations, prodigals, and insolvents. Various other elements of a valid contract are explained such as intention to create legal relations, consideration, causation, adherence to legal formalities, and factors that can invalidate a contract.
Introduction to contract law - offer by Maxwell ranasinghe
This document provides an introduction and overview of key concepts related to the formation of a valid contract under UK law. It defines a contract and outlines the essential elements for a valid contract, including offer and acceptance, intention to create legal relations, capacity to contract, consideration, and adherence to legal formalities. It then examines in more detail the requirements for a valid offer, including that an offer must be definite, communicated to the offeree, and distinguishable from invitations to treat or tenders. The document also discusses how an offer can be revoked or rejected and the requirements for a valid acceptance.
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Hire purchase is a method of buying expensive goods through installment payments over time rather than paying the full amount up front. Under a hire purchase agreement, possession of the goods is transferred immediately but ownership remains with the owner, usually a finance company, until the final installment is paid. Key characteristics include possession of goods, ownership transferring upon full payment, installment buying, and expanding the economy by providing financing options. The hire purchase process involves the dealer arranging financing through a finance company, with the customer making a down payment and paying the balance in monthly installments over several years, at which point ownership transfers to the buyer.
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This document provides an overview of key concepts in business law in India. It begins with definitions of law and the need for understanding business laws. It outlines the sources of business law in India, including English mercantile law, statute law, common law, and customs/usages. The document then covers the law of contracts in detail, providing definitions of contract and agreement, essential elements of a valid contract, and distinguishing features of contracts versus other types of agreements. Key acts governing business in India are also listed.
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The document summarizes the functions of an advertising agency. It discusses how advertising agencies work with clients to develop effective advertising campaigns through services like strategic planning, creative development, media planning, and more. Advertising agencies are composed of departments that handle account management, creative work, media buying, and research. They work to understand client needs and promote goods, services, and ideas through various advertising mediums.
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introduction to contract law termination of offer etc
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Introduction to contract law - offer by Maxwell ranasinghe
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Agency
- 1. Agency According to Sec 182 of the Contract Act, ‘ An agent is a person employed to do any act for another or to represent another in dealings with third persons. The person for whom such act is done, or who is represented, is called the principal.’ The contract which creates the relationship of principal and agent is called an ‘agency’.
- 2. Contract of Agency "Agent" and "principal" defined An "agent" is a person employed to do any act for another, or to represent another in dealing with third persons. The person for whom such act is done, or who is so represented, is called the "principal". [Sec 182] Who may employ agent Any person who is of the age of majority according to the law to which he is subject, and who is of sound mind, may employ an agent. [Sec 183] Who may be an agent As between the principal and third persons, any person may become an agent, but no person who is not of the age of majority and sound mind can become an agent, so as to be responsible to the principal according to the provisions in that behalf herein contained. [ Sec 184] Agent and Servant: direct supervision and control
- 3. Essential and valid legal rule for a valid Agency There should be an agreement between the principal and agent The agent must act in representative capacity Principal must be competent The agent need not be competent
- 4. Kinds of agent Mercantile or commercial agent • Broker • Auctioner • Commission agent • Banker Non-mercantile or Non-commercial • Insuranceagent • Advocates
- 5. Classification of Agents Sub –agent Agent agent is sub agent ex- A appoint B as his agent and B also appoint C his agent , in this case C is sub –agent Substituted agent-
- 6. Contract of Agency Duties of Agent: To conduct the business of agency according to principal’s direction. Conduct the business with skill and diligence that is generally possessed by persons engaged in similar business. To render proper accounts In case of difficulty to communicate with the principal. Not to make any secret profits. Not entitled to remuneration for business mis-conducted. Not to disclose confidential information. Protection of interests entrusted to him in case of termination of agency in because of death or of becoming of unsound mind of the principal.
- 7. Contract of Agency Termination of Agency: By revocation by principal On the expiry of fixed period of time On the performance of the specific purpose In the event of insanity or death of the principal or agent In the event of the insolvency of the principal By renunciation of agency by the agent