3 pages/≈825 words
Business & Marketing
Business Law (Term Paper Sample)
See attachment..... This is a business law class. please answer all questions and please provide the best answers. Do some research before answering the questions. Thanks source..
BUSINESS AND MARKETING Name: Course: Tutor: Date: Describe how the following types of agencies are formed: Express Agency Express agency is an agency created either through writing and not by deed, or by deed or verbally without necessarily being in writing (Jenster, Hayes & Smith, 2005). It is usually formed when a principal and an agent expressly agree to commit to an agency agreement with each other (Jenster, et al., 2005). Implied Agency Implied agency is one that is formed when words or actions of the principal and agent proves that there is an agency agreement (Jenster, et al., 2005). In other words, it occurs when the parties do not expressly create an agency. Under implied agency, the extent of the agent’s authority usually relies on the particular facts as well as circumstances of a give situation (Jenster, et al., 2005). Apparent Agency This is an agency created when a principal establishes the appearance of an agency that is considered non-existent (Jenster, et al., 2005). In other words, it is the principal’s actions that establish this agency. Describe three (3) ways that parties may terminate an agency relationship. There are a number of ways in which an agency relationship can be terminated where once terminated, the agent no longer has the power to act for the principal. Some of these ways include when the agency relationship’s purpose has been achieved for instance when a professional sports player hires an agent to serve the purpose of negotiating contracts (Jenster, et al., 2005). Once the negotiation is over, then the relationship is automatically terminated. Another way of ending agency relationship is through lapse of time. When parties set a time period for the agency relationship, it automatically terminates once that time period has passed (Jenster, et al., 2005). The third way in which agency relationship can be terminated is through mutual agreement where the parties involved agree to terminate the relationship regardless of the reason for termination (Jenster, et al., 2005). Describe the principal’s and agent’s tort liability in the following situations: Negligence Under tort liability in negligence, the principals are liable for negligent behavior of agents who act within the scope of their employment (Jenster, et al., 2005). In other words, if the principal expects to gain certain advantages from acting through an agent, then he should also be ready to bear the liability for injuries caused to the third party by negligent conduct of the agent (Jenster, et al., 2005). International Tort Under international Tort, the principal is usually not liable for any international torts of employees and agents committed outside the principal’s scope of business (Jenster, et al., 2005). However, if the agent’s motivation in regards to committing an international tort is to promote the principal’s business, then the latter is liable for any injuries caused by the tort (Jenster, et al., 2005). Misrepresentation Under misrepresentation, a principal is often liable for the international as well as innocent misrepresentations that are made by an agent within the scope of the principal’s business (Jenster, et al., 2005). Describe the principal’s and agent’s contract liability in the following situations: Fully Disclosed Agency When a third party entering into an agreement is well aware of the actual identity of the principal and that the agent is acting as one for a principal, then this is referred to as a Fully Discl...
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