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(solved) Law of Agency - Essay

   

Added on  2020-06-03

11 Pages3212 Words28 Views
LAW

Table of ContentsINTRODUCTION...........................................................................................................................1QUESTION 1...................................................................................................................................1A..................................................................................................................................................1B..................................................................................................................................................2C..................................................................................................................................................2QUESTION 2...................................................................................................................................4CONCLUSION................................................................................................................................6REFERENCES................................................................................................................................7

INTRODUCTIONLaw consists different rules and proper procedure which are have to follow by everyindividual and companies as well. Several rules mentioned in order to protect interest of people.Present report based on law of agency (Bogomolov and et. al., 2014). In which two parties formlegal agreement name called agent and principals. They are bound to fulfil their obligationswhich are imposed on them. Agents are responsible to follow instruction which are provided bytheir principals. Person who attain the age of 18 years are called as minor. Agreement framed byminor has been considered as null and void. Such contract is not enforceable by law. In thisreport case study of Vera and Siddo is discussed which shown an agent and principalrelationship. In this particular report their duties and responsibilities towards the legal contract ofrelationship is described. This also studies about the right of minor people while making anylegal contract.QUESTION 1Legal duties imposed on every person for several circumstances. They have to behaveethically in every situation. In given case, there are two parties name called Vera who act asprincipals and Siddo act as agent of her. Vera wants to sells her painting called as Dawn in orderto earn better return which is the best painting of her. Both parties form law of agency in order tofulfil their obligation which are imposed on them as per the rule of law. They sign written legaldocument and mentioned different terms and conditions (What is the law of “agency”?. 2014).Principals must appoint agents which are able to fulfil their target. They must be capable enoughto fulfil the requirement and try to attain their objective within stipulated time period. Varioustypes of policies as well as regulation mentioned under law which are imposed on them and theyhave to perform functions accordingly. A.According to given case, Vera is the well-known painter who wants to sells her paintingin international market in order to earn better return. For the same purpose she appoints Siddo tosells her painting name called Dawn (Mitnick, 2015). Vera told him that she wants to sells herpainting by 40,000 dollars but she will accept less then 40,00 dollars as well. This is the basicamount which is set by her. So that Siddo have to comply with accordingly. But she told him thatif he sells painting less than 32,000 dollars then he has to obtain written document for the same.1

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