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Commercial Law Sample Assignment

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Added on  2020-12-18

Commercial Law Sample Assignment

   Added on 2020-12-18

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Commercial Law
Commercial Law Sample Assignment_1
Table of ContentsINTRODUCTION...........................................................................................................................3MAIN BODY...................................................................................................................................3CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10.......................................................................................................................................................10
Commercial Law Sample Assignment_2
INTRODUCTIONCommercial law comprises of legal provisions that will govern rights, relations andconduct of persons and businesses engaged in trade and sales. Many issues or areas are coveredin this such as contracts, bankruptcy, banking secured transactions, real estate and many more1 .The report will put light on the term agency and its related concepts which will focus onformation of agency. Furthermore, agent's authority and its scope within which, such an agentcan exercise his rights and powers. MAIN BODYLaw of agency is the creation of a relationship of principal and agent which is formed bycontract or by law. The former grants authority to latter to act on his behalf with a third party. Inthe words of Paul Mc Cathy, “the law of agency deals with the way in which one person,physical or juridical, can deal with other persons through the medium of intermediary. Of courseone person may deal with another directly, without any assistance. However a person canperform only one thing and be in only one place at one time. The complexity of life, particularlyin the commercial area, is such that the law must permit a person to make contracts and performother juridical acts by a means of the representative. Agency is essential in the legal system of a country. It is created by an agreement whichmay be expressed or implied. Further, both the parties to agency may be either an individualnatural person or an entity such as company or partnership. Under this relationship, principal canappoint another person to his/her work, such as buying goods or properties, receiving rents etc.An important element is that, agent put his signature which is treated as the authenticationprovided by his principal 2. This law is greatly applicable relationships that are commercial orcontractual in nature. Features of agency have been described below: A principal is bound to make clarification along with satisfactory reasons to third partiesfor the acts of agent.It is not necessary that there will be a commission or consideration for creating agency.1Hunter, H., 2017. Modern Law of Contracts2Dratler Jr, J. and McJohn, S. M., 2018. Intellectual Property Law: Commercial,Creative and Industrial Property. Law Journal Press.
Commercial Law Sample Assignment_3

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