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10th October 2013 thursday law.docx

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BUSI 2301

th 10    October 2013, Thursday   BUSI2606  BUSINESS LAW CLASS NOTES. Agencies  No legislation  There are series of court decision that’s generated by  Agency is directly link to your directly link to your term paper. Agencies: There is a party that is represented by another party in accordance with the authority  granted in order to create and manage business relationship with third parties or  outsiders (those that we have an interaction with) 1. Principle: is represented by an agent who will have then dealing with a third  party. (Lets say we meet someone neutral, someone gets an agent to represent  the fans) employee, employer relationship these are common law rules. These  rules define how we define relationship 1. Authority is power invested to the agent to empower authority. We need people to react There are two types of authority 1. Actual 2. Apparent Actual authority: When we say actual authority it’s the vested authority that is expressly stated or that is implied in the execution of the agency. So when we say express it could be words or written statement. Example: everybody goes paint the wall. Implied: It’s a necessary condition in order to put in execution the authority. So it’s not spelled out directly but it’s necessary to execute the authority. 3 elements: First one is suppose to be related to actual position (level) in an organization. Example: a president has a bigger PR position than other employees’positions. Trade / practices example: change my foscits in my bathroom there are series of or its Very easy and cheap to do plastic tubing 3. Necessity to exercise the authority: so what does that mean? If you don’t have that implied authority you cannot carry authority. You do what is regard to your talk. Consequently.. Type 2:Apparent When an agent has an authority (appears) because of the condo conduct the principle. Example: business and personal taxes Example: someone negotiate for business. The types of agency 1. Express agency: agency where we come out and we spell out exactly the term with the agency. Example: employment contract. 2. Agency by estoppel When we create an agency based on apparent authority Example: XX is authorized to do B but my employee has authority more contract more disabilities 3. Agency by radicfication: this is where the principal radify, the excision This is wen the agent does not have the authority and exceeds the authority Example: lets say I like collecting stamps from Poland he decides to buy the entire collection instead of buying one he buys all of it and so the principle says he
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