Agency and Partnership Essay by Master Researcher

This paper examines the laws of partnership in business.
# 91068 | 900 words | 1 source | 2006 | US
Published on Dec 01, 2006 in Business (Law)

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The paper explains that in terms of the operation of a partnership, agency and partnership are related. This is primarily in that while in the case of agency the agent assumes no liability where the conditions of agency are properly fulfilled according to the law of agency, in the case of the operation of a partnership, the firm is liable for the actions of a partner committed in the course of the partnership business. Thus, the paper points out that in a partnership, every partner is considered the agent of the firm in the ordinary course of business and may bind the firm and the other partners in contractual relationships with third parties.

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