What is agency contract law?
Definition: Agency can be defined as the relationship between two persons, wherein a person has the authority to act on behalf of another, bind him/her into a legal relationship with the third party. There are two parties in a contract of agency – principal and agent.
What is the principal in a contract?
Principal in Contracts. One who, being competent to contract, and who is sui juris, employs another to do any act for his own benefit, or on his own account.
What is an example of ostensible authority?
Filters. A relationship between two parties that reasonably leads a third party to believe that one is the agent of the other; for example, an emergency room physician who may be employed by an outside contractor, not the hospital, may nonetheless be deemed the “ostensible agent” of the hospital.
What is an ostensible employee?
ostensible agent. n. a person who has been given the appearance of being an employee or acting (an agent) for another (principal), which would make anyone dealing with the ostensible agent reasonably believe he/she was an employee or agent.
What is agency commercial law?
A relationship under which the law recognises a person as having the power to create or alter legal rights, duties or relationships of another person, the principal. An agent does not contract with customers in his own right and he therefore generally has no liability to them.
What are the punishable acts of a principal?
A Private Person- the principal must be guilty of treason, parricide, murder, attempt on the life of the chief executive, or is habitually guilty of some other crime.
What does a principal mean in law?
In general, a person or thing that is more important than others when identified for a particular purpose. More specifically, in various contexts: 1. Someone who authorizes another to act in his or her place. See Agent, Fiduciary, and Fiduciary duty.