Honey the Hamster

With regard to persons who may become agents, it may be noted that only a few persons are excluded from the exercise of the functions of agents or from the exercise of the powers conferred on them by others. It is therefore not necessary for a person to be sui juris or capable of acting independently to be qualified to act for others. Infants, undercover women, people who have been harmed or ostracized, strangers, and others who are incompetent for many purposes can act as agents for others. A special agent is a person who is authorized to negotiate only in a specially named case or in a series of specially named transactions. For example, a real estate agent is usually a special agent who is hired to find a buyer for the client`s property. Suppose Sam, the seller, hires Alberta with an agent to find a buyer for his property. Alberta`s commission depends on the selling price, which, as sam notes in a letter she sent, “may not be less than $150,000 anyway.” If Alberta finds a buyer, Bob, who agrees to buy the property for $160,000, his signature on the purchase agreement will not bind Sam. As a special agent, Alberta had only the power to find a buyer; he did not have the authority to sign the contract. Most oral agency contracts are legally binding; the law does not require them to be reduced to writing. In practice, many agency contracts are drafted to avoid evidentiary problems. And there are situations where an agency contract must be written: (1) if the agency`s agreed purpose cannot be fulfilled within one year or if the agency relationship is to last more than a year; (2) in many states, an agreement to pay a commission to a real estate agent; (3) in many states, the power of an agent to sell real estate; and (4) in several states, contracts between companies and commercial agents.

Implied actual authority, also known as “habitual authority,” is the authority that an officer has because it is reasonably necessary to exercise his or her explicit authority. As such, it can be derived on the basis of a position held by an agent. For example, partners have the power to bind the other partners in the firm, their liability being jointly and severally liable, and in a corporation, all officers and officers with decision-making power have the power to bind the firm based on their position. Other forms of implied real authority include habitual authority. Here, the customs of a business imply that the agent has certain powers. In the wool buying industry, it is common for retailers to shop for their own account. [3] Also an ancillary power of attorney, if an attorney is to have the power to perform other tasks that are necessary and incidental for the execution of the actual express power of attorney. This must not be more necessary[4] The Agency must be adopted a posteriori or appointed in advance. In the first case, there must be tolerance on the part of the agent (the recognition of which can be quite implicit) or explicit recognition. Nor can the client revoke the representative`s power of attorney after it has been partially exercised in order to bind the client (§ 204), although he can always do so before this power has been exercised (§ 203).

In addition, see 205, if the Agency is for a certain period of time, the Client may not terminate the Agency before the expiry of the time limit, unless there is sufficient reason. If he does so, he is obliged to compensate the agent for the damage he has suffered as a result. The same rules apply if the agent renounces an agency for a certain period of time. In this regard, note that lack of competence, constant disobedience to legal orders, and rude or offensive behavior were considered sufficient grounds for firing an agent. In addition, one party must give the other a reasonable period of notice; Otherwise, damages resulting from the absence of such notification must be paid (§ 206). According to § 207, the revocation or renunciation of an agency may be made expressly or implicitly by conduct. Termination takes effect for the intermediary only when he has knowledge of himself and vis-à-vis third parties only when he is aware of the termination (§ 208). But in the case of a married woman, it should be noted that she cannot be an agent for others if her husband expressly opposes it, especially if he can be held responsible for his actions. People who clearly have no understanding, as idiots and fools, cannot be agents for others. An agent is a person who acts on behalf of and on behalf of others after receiving a certain level of authority and being expected to do so. Most organized human activities – and virtually all commercial activities – are carried out through agencies. No business would be possible, even in theory, without such a concept.

For example, we could say, “General Motors builds cars in China,” but we can`t shake hands with General Motors. “The general,” as they say, exists and functions through agents. Similarly, partnerships and other commercial organizations rely heavily on agents to manage their activities. In fact, it is no exaggeration to say that the agency is the cornerstone of the organization of the company. In a partnership, each partner is a general representative, while under corporate law, officers and all employees are representatives of the company. The person represented by the agent in these scenarios is called a principal. In finance, it is a fiduciary relationship in which an agent is authorized to carry out transactions on behalf of the client. Think of John Alden (1599-1687), one of the most famous agents of American literature. He is said to have been the first person on the Mayflower to set foot on Plymouth Rock in 1620; he was a carpenter, cooper (cooper) and diplomat. Its agency role – which is interesting here – was celebrated in Henry Wadsworth Longfellow`s “The Courtship of Miles Standish”. He was to court Priscilla Mullins († 1680), “the most beautiful virgin in Plymouth,” on behalf of Captain Miles Standish, a brave soldier too shy to propose. Standish turned to John Alden, his young and eloquent protégé, and asked Alden to speak on his behalf, unaware that Alden himself was in love with Priscilla.

Alden accepted his captain`s mission, although he knew he would lose Priscilla to himself, and looked for the lady. But Alden was so speechless that her praised eloquence was overlooked, Priscilla coldly pointed to the purpose of Alden`s mission, and eventually led her to flip the table on one of the most famous verses in American literature and poetry: “Why don`t you speak for yourself, John?” John eventually did so: the two married in Plymouth in 1623. Not all service contracts necessarily create a master-servant relationship. An important distinction is made between the status of agent and that of independent contractor. According to section 2 of section 2 of the Agency, “an independent contractor is a person who enters into a contract with another person to do something for that person, but who is neither controlled by the other nor subject to the right of the other to control his or her physical conduct in the performance of the business.” As the name suggests, the independent contractor is legally autonomous. A plumber employed for a contractor is an employee and representative of the contractor. But a plumber who commits to repairing pipes in people`s homes is an independent contractor. If you hire a lawyer to resolve a dispute, that person is not your employee or agent; He is an independent contractor.

The terms “agent” and “independent contractor” are not necessarily mutually exclusive. In fact, by definition,. an independent contractor is an agent in the broad sense of the term who undertakes to do something for the other at the request of another. As a general rule, the dividing line between an independent contractor and a staff member is not clearly drawn. 1. Flick v. Crouch, 434 p.2d 256, 260 (OK, 1967). People hire agents to perform tasks for which they lack time or expertise. Investors hire securities dealers to act as intermediaries between them and the exchange. Athletes and actors hire agents to negotiate contracts on their behalf, as agents tend to be more familiar with industry standards and have a better idea of how to position their clients.

Most often, potential owners use agents as intermediaries and rely on the professional`s increased negotiation skills. In return, the client must fully disclose all information relevant to the transactions that the agent is entitled to negotiate. Companies often hire agents to represent them in a particular business or negotiation, relying on agents` superior skills, contacts, or basic information to close deals. Second, commercial agents and entrepreneurs should not exploit asymmetries in their agency relationship in a way that frustrates the legitimate expectations of the other party […].