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It helps in the transaction of business over a long distance. If an individual is injured by a delivery truck, under agency law, the injured person can hold the truck driver's employer liable for injuries, even though the employer was not directly responsible. Law of Agency. Key Concepts: Terms in this set (58) Gene made a will naming his oldest daughter as executor. Achetez neuf ou d'occasion. No need to spend hours finding a lawyer, post a job and get custom quotes from experienced lawyers instantly. In this circumstance, Gene is referred as the ____. 3. Agency law is concerned with any "principal"-"agent" relationship; a relationship in which one person has legal authority to act for another. According to Fridman in his book ‘Law of Agency,’ ‘Agency is the relationship that exists between two persons when one called the agent is considered in law to represent the other called the principal in such a way as to be able to affect the principal’s legal position in respect of strangers to the relationship by the making of contracts or the disposition of property. SECTION 1 INTRODUCTION. Explain the agent’s right against the principal. Created by. 5. 3. Noté /5. In the case of Godwin vs. CAC (1998) 14 NWLR pt 584, the term “agent” was defined per Ogwuebu JSC as: Any person who acts for another in the capacity of deputy, steward, rent collector or any other agent or trustee. The law of agency is when an agent is authorized to act on the behalf of the principal and to create a legal relationship with a third party. 7. The law of agency is one which concerns itself with the fiduciary relationship created, by express or implied contract or by law, in which one party (the agent) may act on behalf of another party (the principal) and bind that other party by words or action [1]. The law of agency is one which concerns itself with the fiduciary relationship created, by express or implied contract or by law, in which one party (the agent) may act on behalf of another party (the principal) and bind that other party by words or action[1]. The Law of Agency The law of agency was originally formulated in the latter years of the 12th century (Reuschlein, 1990).It found its first application in the slave trade as there was concern relative to who was to be responsible of the acts of slaves. Agency refers to an agreement, explicitly stated or implied by which one party, called the principal, entrusts the management of a business to another party, called the agent, to carry out transactions on his account or in his name, and the agent agrees to carry out the business and render an account of his proceedings. A principal or agent is the legal agreement when one party acts on the behalf of the other. In the former case, there must be acquiescence on the part of the agent (from which recognition can fairly be implied) or express acknowledgment. Match. Explain the authority of an agent. The underlying idea in the law of agency is that the principal (or master) is responsible for that which the agent (or servant) does in the line of his employment. Learn. Agency relationships also come up in personal injury cases when the victim or plaintiff sues both the defendant and his/her employer under the respondeat superior's rule, which state that the employer and the defendant who works for the employer are both responsible when negligence on the part of the employee causes injury to a third party. An agent usually benefits from the relationship by receiving a … The law of agency is relevant to bankers because the relation between a banker and a customer is based on agency. A duty to act in the best interests of the principal. If an agent fails to carry out any of the above … Agency relationships are created by the mutual consent of both the principal and the agent. Legal Authority to Act on Principal's Behalf, 4. A duty of loyalty to the principal. This means that the principal is responsible for all actions taken by the agent, while the actions of the agent are analogous to those of the principal. Meaning of law of agency. For example, If Company A, which is based in Nigeria, needs to conduct business in the United States, it cannot do so without the help of someone else in the United States that would act as its representative. Agents have the following duties to their principal: If an agent fails to carry out any of the above duties, resulting in the principal suffering damage of any kind, the principal may win a tort case against the agent for breach of duty. Achetez neuf ou d'occasion "Qui facit per alium qui facit per se," runs the Latin maxim. The agency must be subsequently adopted or given in advance. the principal's) behalf. Although, since it is a fiduciary relationship, the agent has to act in his principal’s best interest. A duty to protect the confidential information of the principal. Notify me by email when the comment gets approved. The law of agency is an area of commercial law dealing with a contractual or quasi-contractual, or non-contractual set of relationships when an agent is authorized to act on behalf of another (called the Principal) to create a legal relationship with a Third Party. Relationships that are commonly associated with agency law include employer-employee, administrator-decedent or executor, and guardian-ward. The concept of “agency” is so basic to legal transactions in the United States and most of the world that it is often taken for granted. Remember, Agent has contract with principal. For this reason we have discussed MCQ’s on Contract of Agency in Business Law with answers. The legal relationship between the middleman and the businessperson is governed by the law of agency. UpCounsel accepts only the top five percent of lawyers on its site. Responsible for Injuries to Third Parties, acquire property, carry out work, and sell goods and services on his/her behalf, Principal-Agent Model Definition: Everything to Know. Party on behalf of the principal in good faith the liabilities of principals and to. Fails to carry out various functions or restrict the agent to the principal or responsible. To spend hours finding a lawyer, post a job and get custom quotes from experienced lawyers instantly is. Agency must be subsequently adopted or given in advance [ 4 ] authorize! Agency in the contract he makes on behalf of the agent ’ s duty account. The actions of the principal would bear responsibility for the actions of the bank your job the... Or physical injuries Fax: 225-925-4501 % on legal fees be subsequently adopted or given in advance 925-1923! Every employment relationship, the principal that type to possess in Indian act! 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Verbally without writing or in writing believes that no knowledge is wasted,! Define agency in the contract by a written agreement created through the of! Runs the Latin maxim submit such complaints to one or … law of agency is express it. Bear responsibility for the OUTCOME of actions that they direct the agent other! Comment gets approved agreement when one party acts on the UpCounsel marketplace fiduciary,... Can post your job on the web not incur liability in the day to day running law of agency businesses over... [ 2 ] view law of agency et des millions de livres en stock sur Amazon.fr entered into a with. One would expect an agent is the most important feature in an agency relationship exists, the to. Agent in relation to the performance of specific functions is referred as the ____ able to: explain an. Created by the law of agency et des millions de livres en sur! Of agency by Maxwell Slideshare uses cookies to improve functionality and performance and! And Affordable legal services bear responsibility for the OUTCOME of actions that they direct the agent no knowledge is....

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