Commercial Law - Agency Contract - 1857 Words

Question 1. Outline and describe the ways in which an Agency Contract may be established. Agency According to Nicole Busby, an agency is a contractual relationships that entitles one party to act on behalf, or in favour of, the other party in contractual arrangements with a third party. In this regardthese circumstances, the former is known as an â€Å"agent† and the entity on whose behalf the agent performs is called a â€Å"principal†. Generally, the agency relationships arises in commercial transactions, partnership and employment. The term â€Å"agency† in commercial law is represented in the Latin phrase, qui facit per alium, facit per se, i.e. the one who acts through another, acts in his or her own interests. In terms of agreeing an Agency†¦show more content†¦2006, 6-12) Agency by ratification Ratification is the post-dated approval by a principal of an act carried out by the agent. Such ratification may be express or may be established by the principal’s actings, in particular by accepting without demur the agent’s actions. But the ratifying principal must have the full facts before him and the agent must have made it clear to the third party that he was acting as an agent (Keighley Maxstead Co. V Durant 1901). Furthermore the ratification must be timeous and the principal must have been legally capable of authorising the transactions or act when the agent undertook it (Busby et al. 2006, 6-13). Are all conditions fulfilled we must notice that a third party who contracts with an agent whose actings are subsequently ratified cannot withdraw from the contract (Bolton Partners v Lambert 1889). Agency by necessity An agency by necessity (negotiorum gestio – management of affairs) occurs when and where an agent does what is vital to preserve a principal’s assets, where the principal is not in a position to do so himself (e.g. because the person cannot be contacted), and where it is likely that authority would have been given. The agent (gestor) can get his expenses and be relieved of any liability (Fernie v Robertson 1871). â€Å"The agency by necessity is devoid of prior approval or consent when anShow MoreRelatedAffects of European Law on English Law1370 Words   |  6 PagesQuestion 1:- The European law has affects the current English law by stating which particular bodies of rules needed to be taken into consideration. And the commercial Agents (Council Directive) Regulations 1993 whose passed principles which modified the traditional common-law agency rules has also produced an entirely new and commercially important form of agency. Courts may use the instrument’s preamble or the Directives explanatory notes in order to define the aim of the European DirectivesRead MoreUniform Commercial Code and Common Law Contracts1156 Words   |  5 PagesUCC and COMMON LAW CONTRACTS Introduction Uniform Commercial Code (UCC) entails many underlying laws and requirements governing it in trading within a country and internationally. The international trade part has in recent years raises the question as to whether states should change the laws or not. The current laws can bring about many issues causing the downfall of many large businesses. 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