Definition and Nature
There are, as with most authorized ideas, various definitions of “agency” and “agent”. One definition is that an agent is an individual who has the authority of one other (the principal) to create authorized relations between the principal and a third celebration. Any authorized relationship will then rely upon the authority the agent has and the motion by the agent pursuant to that authority. There are 3 rules that circulate from this relationship 탐정사무소:
1. The place an agent acts inside authority (specific, implied or obvious), the agent can bind the principal to contracts with third events and impose upon the principal a legal responsibility in tort to third events.
2. When the agent acts inside authority (specific or implied), the agent can search reimbursement and indemnity.
3. An agent should put the curiosity of the principal first.
Duties of an agent
An agent has the next duties:
>> To comply with directions;
>> To behave in individual;
>> To behave within the pursuits of the principal;
>> To take care of confidentiality;
>> To make full disclosure;
>> To not make a secret revenue or a secret achieve;
>> To handle the principal’s property; and
>> To maintain separate, correct accounts and make these accounts obtainable for inspection.
Rights of an agent
An agency can come up from contract or independently of contract. Usually, if there’s a contract, the contract will regulate the rights and obligations of the events. One definition is that an agent is an individual who has the authority of one other (the principal) to create authorized relations between the principal and a third celebration. Any authorized relationship will then rely upon the authority the agent has and the motion by the agent pursuant to that authority. If there isn’t a contract or the contract is silent on explicit points of the connection, the legislation offers the agent sure rights both expressly or by implication. They embody:
>> The proper to remuneration;
>> The proper to indemnity and reimbursement;
>> The proper to a lien; and
>> The proper to stoppage in transit.
Legal responsibility of agents to third events
1. Legal responsibility in contract
An agent who discloses the agency to a contracting third celebration has no personal legal responsibility if the third celebration agrees on that foundation.
The Agency Settlement
LAC Lawyers strongly recommends that each one agency preparations are in writing, and that each the principal and agent get authorized recommendation earlier than signing an agency settlement.
It is crucial that an agency settlement, like different agreements, offers with every celebration’s expectations and that it particulars the rights and obligations of every celebration. Typical, and vital, phrases in an agency settlement embody.