Assignment on legal aspects of a business (Doc)

Added on - 11 Jan 2021

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LEGAL ASPECTS OF BUSINESS0
Table of ContentsIntroduction................................................................................................................................2Definition of Law of agency......................................................................................................2Duties of the agent according to the law (Judiciary, Non-fiduciary, and Fiduciary).................2Case summary............................................................................................................................3Definition of an agency relationship..........................................................................................4Different type of authority of the agents....................................................................................4The case law regarding the agency law......................................................................................5Analysis of the issue...................................................................................................................5Differentiation between the Actual and Apparent Authority law..............................................6Conclusion..................................................................................................................................7Reference List............................................................................................................................81
IntroductionThe legal aspects are a significant part of any successful business environment within anycountry. The legal aspects ensure the company that the company is working by following theframework of the country. The legal aspects are the part of the commercial law or the law ofthe agency. This study is going to show the difference between the actual authority andapparent authority of the agency law related to a specific case law. This study aims to analyzethe popular case of Lockyer and Freeman v Buckhurst Park Properties related to thecontractual law. The study also aims to evaluate the decision of the court explaining theactual authority and apparent authority related to the law critically.Definition of Law of agencyThe law of agency mainly denotes for the commercial law, which deals with some significantarea of a business. The law of agency handles the contractual, quasi-contractual and non-contractual relationship among the stakeholders. The agency law is liable for the fiduciary,non-fiduciary and judiciary duties according to the business laws (Stout and Blair, 2017). Theagency of law mainly maintains the relationship related to the third party contract. The third-party relationship is included with a person called the agent and is an authorized part of theact on behalf of one another called the principle. These two factors introduce a third partyrelationship and the common example of this type of relationship is such as corporatemanagement (agent) and the shareholder (principal) relation.The Freeman and Lockyer v Buckhurst Park Properties case shows that the Buckhurstcommissioned the Freeman and Lockyer as an architect to complete a project of theBuckhurst. After the successful ending of the land development project, the Buckhurst refuseto pay the architect by blaming the director as unauthorized directors (WEBSTROKE 2018).This denotes the violation related to the Legal Aspects of Business under the law of agencypointing the agent and principal relationship law.Duties of the agent according to the law (Judiciary, Non-fiduciary, and Fiduciary)The duties of an agent, Buckhurst according to the agency of law denotes to the Fiduciaryduty of the agent. The fiduciary duties of an agency divided into five kinds of obligations.Besides, all agency relationships duty is a fiduciary duty, which means the high level of trustbetween the principle and the agent. The reason of the relationship denotes to the trust ofprinciple to the agent for supervising and protecting the principles property. The agent isliable to maintain the fiduciary duty to the principle.The agency permitted the agent to act on behalf of the principle only when if the principle ispresent and working alone. According to an agency relationship, the actions of the agent can2
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