Legal Aspects of Agency Law: Duties and Responsibilities of an Agent

QUESTION-2

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................4
Discussion on the topic “An agent is subjected to a range of responsibilities defined as legal
events related to the agency relationship by general law. In which the agency is contracting,
several duties can come into force in the agreement as an implied term, or be changed by its
express terms. Those duties are therefore immediately placed on the agent”.............................4
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Legal Aspects of the business is one of the crucial topic which plays the important role and
explains that how any of the legal work is to be managed in a systematic manner. It is necessary
to be understood by every business organisation that they must be able to follow the legal
language as legal penalties can be imposed for any of the default performed by the parties.
Talking about agency law, it can be easily explained as one of the most essential topic where
there two different parties try to enter into the contract. The agency may be considered a
fiduciary relationship that is formed among two individuals, i.e., principal and agent. Here, agent
has the capacity to make decisions on account of the principal in order to fulfil an organization's
objectives. By moving in contract, these styles of relationships are formed specifically, and can
be either seen in implied or expressed form. The one aspect that needs to be remembered with
agency law is that each agent only has to conduct certain works where authorization has been
granted to them. Any of the decision should not be taken by the agent which cause problem to
the principal
The relationship among agent and principal will be established by legal proceedings in
which principal can provide specific details about rights and duties that agent is expected to
undertake. There have been various forms in which agency can be established and the best
example is through the process of appointment. There's a choice by estoppel to create an
organization whereby implicit selection is valid. the another way is to take the help of expressed
contract. There, both agent and principal must agree on the jurisdiction and measures to be taken
for the benefit of a specific entity (Fahamsyah and Suri, 2019). There is Tripartite relationship,
which is beneficial for the purpose of maintaining the relation between principal and agent as
authorized person from judiciary form the contract to protect the interest of either parties. Also,
if in any of the situation, the party faces any of the problem at the time of purchase of product
then they get the option to claim against the party so that damages can be recovered easily.
Speaking of the dynamics of agent-principal agreement, it clearly interpreted as the
circumstance whereby the employee is given the power to make most of the decisions that are
vital to the entity. This is one of choices that allows to remove total pressure to be that from the
principal. Moreover, it has some significant characteristics that enables agent to make certain
decisions that immediately increase the chances of meeting the enterprise target. Different topics