An in-depth research paper which analyzes and discusses the term "agency" and its implications in the Indian world of business.
Written in 2008; 4,616 words; 12 sources; APA; $ 119.95
Paper Summary:
This research paper defines the word "agency" and explains that it may arise by express or implied agreement, or without agreement under the doctrines of apparent and usual authority, and where a person has authority of necessity. The paper states that the authority of the agent to act on behalf of the principal is a very important aspect of agency. An agent has the authority or capacity to create legal relations between a person occupying the position of principal and third parties. The paper details explanations and applications and quotes many examples and case histories to illustrate the term.
Outline:
Introduction
Principal- Agent relationship
Nature of Agency
Nature and Scope
Hypothesis
Authority of Agents
Customary Authority
Case Study
From the Paper:
"Agency is a relationship which arises when one person called the principal authorizes another called the agent to act on his behalf and the other agrees to do so. It may arise by express or implied agreement, or without agreement under the doctrines of apparent and usual authority, and where a person has authority of necessity. Agency may also arise ex post facto by ratification. An agency agreement produces two different effects. First, it creates an obligation between the principal and the agent, under which each acquires in regard to the other certain rights and liabilities. In this respect agency takes its place as one of the special contracts of English law . Secondly, when acted upon by the agent, it leads to the creation of privity of contract between the principal and the third party. A contract made with a third party by the agent in the exercise of his authority is enforceable both by and against the principal . Thus, according to English doctrine, when an agent makes a contract for his principal, it has the same consequence as if the latter had made it himself."
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