Legal aspect of Business PDF
Added on 2020-10-05
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Legal aspect of Business1
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3MAIN BODY...................................................................................................................................3Summary of the case..............................................................................................................4Criticism of the above statement............................................................................................5Recommendations..................................................................................................................8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................102
INTRODUCTIONBefore establishing any company, it is very important for an entrepreneur to develop theunderstanding about the legal aspects of business. Gaining knowledge about the legal aspects iscrucial, as this will assist business entity in eliminating the legal obligations. Legal issues canhave direct as well as significant effect on the image as well as performance of company. Lawsprovides the various authority and rights to companies. There are basically two types ofauthorities these are actual and apparent. These both authorities are interdependent of each other.Agency is a part of commercial legislation is English legal system. Agency law governs set ofcontracts as well as non-contractual fiduciary relationships which involves person recognised asagent.In the present report case of Buckhurst Park properties as well as Freeman and Lockyerorganisation has been used for analysing the main difference between actual as well as apparentauthority under law of agency.MAIN BODY Agency law is a part of commercial legislation in UK legislative system. This legislationconsists of set of rulers which are required for smooth functioning of business. Agency lawsassist in identifying whether an individual have the power to develop or change rightsrelationship of other person. It governs the relationship which exist between agent and principal.Agent is recognised as a person who facilitates contracts or agreement between the thirdparty and principal. They are generally appointed to make contracts with the third parties. Theagents appointed has mainly two types of authority these are apparent and actual authority. Dueto rise in trades conflicts, in commercial field agency law has great importance. There are twotypes of actual authorities these are express and implied (MCCAbe Rabin, P.A., 2017). Expressauthority means an individual actually been informed through contract that they have power toact on behalf of principal. For instance, in the case study, managing director through article ofassociation has been told to enter into a legally binding contract or agreement with third party onbehalf of firm. Implied authority an agent by virtue of being reasonably execute their authority.3
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