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Legal Aspects of Business Assignment Solved

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Added on  2020-10-22

Legal Aspects of Business Assignment Solved

   Added on 2020-10-22

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Legal Aspects of Business –Law of Agency
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Table of ContentsINTRODUCTION...........................................................................................................................11. DEFINITION AND FEATURES OF AGENCY........................................................................12. TYPES OF AGENTS' AUTHORITY.........................................................................................43. ACTUAL AUTHORITY v APPARENT AUTHORITY............................................................54. UNDERSTANDING AGENTS' AUTHORITY BY RELEVANT CASELAWS......................6CONCLUSION................................................................................................................................7REFERENCES................................................................................................................................8
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INTRODUCTIONLaw of agency governs and authorizes delegation in a business. The law allows the actsof an individual, who is acting on behalf of the principal, to create a legal obligation in the thirdparty dealings. A contract of agency comprises of two parties – an agent and a principal. Theagent is a person who is employed by the principal to deal with the third parties on behalf of theprincipal.(Burton, 2012) An agent binds the principal, for his acts as the principal has given himauthority to act on behalf of him, in the course of business. The report examines the law of agency and the various types of authorities given to the agent bythe principal, with the help of various case laws. The report also examines the landmarkjudgement, Law Debenture Trust v Ukraine [2018] EWCA Civ 2026 given by the Court ofAppeals in understanding the types of authorities.1. DEFINITION AND FEATURES OF AGENCYAny business owner cannot work on his own, therefore, he has to delegate the work toothers in order to see that the work is efficiently done in a business. The contract of agencyreflects that the owner is delegating the work to another. In common law, 'agency' is a specialtype of contract wherein a party called the principal authorises another individual, called theagent, to enter into a contract in his stead with the third parties. The authority given by theprincipal could be express or implied. Source: Introduction to Agency and the types of agent, 2012 Figure 1: Agency Relationships
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