Agency and Partnership: A Comparative Analysis
Added on 2019-12-18
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BUSINESS ANDCORPORATION LAW
Table of ContentsINTRODUCTION....................................................................................................................................................3TASK 1 ....................................................................................................................................................................3TASK 2.....................................................................................................................................................................5CONCLUSION .......................................................................................................................................................7REFERENCES.........................................................................................................................................................8
INTRODUCTIONCorporation stated that there are two or more parties who are comes in the contractualrelationship with each other. They have to comes in the legal contract which must be signedby both parties and they are able to fulfil their duties. In the present report, if employerappoint employee for any specific reason then employees have no power to make contractwith other person without prior consent of principals. According to Agency law two partiesname called agent principal comes in the contractual relationship with each other and try tofulfil their duties as well (Hamilton and Freer, 2010).According to partnership act, 1890, allmembers are willingly come s in the contractual relationship with other for share profit orlosses equally. In the given scenario, there are four parties who agree to share profits in whichall member form for one or one person perform for all. TASK 1 According to agency law there are two parties who comes in the contractualrelationship with each other and try to fulfil their duties in timely and efficient manner. Theseparties name called agent and principals. They both singed legal agreement which is in thewritten form. Agent is the person who act on behalf of their principals and try to meet theirset of target. They are not able to form any type of agreement without prior consent of theirprincipals. On the basis of given scenario, Tina owns independent garage for the statedpurpose. For the same reason she appoint Brad in order to frame contract at time when she isnot well. She contract fever, during four months she is off work. She tells to Brad for orderPetrol while she is sick. For this period he frame contract with Caltex for receiving petrol.While she return from illness, tells Brad that he may no longer frame contract with Caltex.But he enjoyed the increased status and continue to order and ignore instruction which isprovided by the Tina to him (Clark Jr and Babson, 2011). According to Agency law agentsare nor able to frame contract with other party without consent of their principals. Someliability and duties of agents are as aligned below:DutiesThey have to follow instruction of their principles. Needs to fulfil condition which are mentioned under the legal agreement ofagency. Act on behalf of their principals.
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