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topic 3: Law Of Agency (types of agents (three features of agency (2)…
topic 3: Law Of Agency
introduction
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where the agent has been authorized to act for the principal or represent him dealing with orthers 3rd party.
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types of agents
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4) a del credere agent- an agent who assumes a superadded duty to ensure the principal is paid by the third party.
2) a factor (mercantile agent) - possession of the goods is given for the purpose of selling the same-sells in his own name-has general lien-usually sells in his own name.
5) a power of attorney- legal instruments under which principal (donor) confer authority on agent( attonerny or donees) to perform certain act for the principal.The powers are governed by statute,the Powers of Attorney Act 1949.
1) a broker - an agent who is engaged to make contracts between two principals(as counter parties) engaged in some aspect of trade,commerce and navigation.
three features of agency
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3) power to affect the legal position of the principal- an agent performs a service for his principal.
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creation of agency
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by express appointment- involves usual consent of the principal of the agent.Appointment may be in written or oral form.
by implied appointment- may be created when a person, by his words or conduct , hold out another person as having authority to act for him.
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termination of agency
two ways of termination
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1) by the act of parties
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- revocation of the principal
- mutual consent from both parties
2) by operation of law
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- destruction of subject matter
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- death of either principle or agency
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- mutual consent completion of the agency
