law of agency & law of sale of goods

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extracted material on law of agency & law of sale of goods addis ababa university college of business & economics department of accounting and finance 1. definition the law of agency could be defined as the juridical relation which results from the manifestation of consent by one person to another that the other shall act on his behalf and subject to his control, and consent by the other so as to act. (black’s law dictionary, 1991). 2. why we need agency? a) agency reduces the cost of contracting. though it increases the number of parties and transactions, it has made possible for individuals to utilize the services of others in accomplishing, for more than could be done by their unaided efforts. by contracting through an agent, the principal may reduce the cost of spatial and cultural distances, the need to acquire expertise, and the inconvenience of having to deal personally …

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nt places at the same time can thus be solved by agency representation. c) the need to overcome limitations of knowledge and skill: - performing one or more activities may demand certain skills or knowledge. hence one may lack the required knowledge in performing a certain activity. hence, another individual who has the required skill may act on behalf of the person who has no such expertise in performing the duty. d) the need to represent legal person’s legal personality is given to non-living entities. thus, after acquiring the legal personality these entities will have the right to exercise all activities that a legal person can do. for instance, they can sue and be sued, administer property etc, to conclude a valid contract and to transact with 3rd parties etc. however, these entities don’t have mental capabilities to analyze the cost and benefit of their transaction because they don’t have …

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y, for many authors consent is the basis of the law of agency and it explains why the agent can represent the principal. under this topic, we would like to point out that we are referring to the agency arising out of bilateral agreements between principal and agent as articulated under art.2199 of the civil code.‘agency is a contract where by a person, the agent, agrees with another person, the principal, to represent him and to perform on his behalf one or several legally binding acts’’ as we can see from the above provision, an agency is a contract, which is formed between the agent and the principal. obviously, under such agency relationship, which arises out of a contract, we find two independent contracts. these are regarded as (internal contract [subordinate contract] (external contract [main contract] i. internal contract [subordinate contract internal contract is a contract that exists between the …

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ugh the intermediary of an agent. in this regard, for a direct relationship to be created between the principal and the third party, in principle, the agent must have acted in the name and on behalf of the principal within the scope of his power. once these elements are fulfilled, as regards the effect of the contract, the agent steps out and only the principal and the third party remains to be parties to the contract concluded. consequently, the rules of an ordinary contract, which could operate between two contracting parties, will be applicable to the principal and third party relationship. furthermore, it must be noted that agency is one of the special types of contract and thus, the rules applicable to the formation of a valid contract, are of necessity, applicable to the agency relationship. accordingly, the elements required under the law for the formation of a valid contract …

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all apply to a court with jurisdiction for the appointment of an agent to protect the interest of the person to whose benefit a curator is required. (art 2254). c. authority derived from the law. in most cases, the source of agency is authority of an agent derived from the agreement of the parties, that is, a bilateral agreement between a principal and an agent. apart from this usual source, agency relationship could emanate from the operation of the law, that is, agency authority is derived from the law itself. consequently, the consent of the principal has no role in creating the agency relationship and hence it is beyond the principal’s consent that agent –principal relationship comes into existence. this usually happens where a person to be represented is not in a poison to appoint his agent for one thing or another. moreover, it is due to the necessity to …

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extracted material on law of agency & law of sale of goods addis ababa university college of business & economics department of accounting and finance 1. definition the law of agency could be defined as the juridical relation which results from the manifestation of consent by one person to another that the other shall act on his behalf and subject to his control, and consent by the other so as to act. (black’s law dictionary, 1991). 2. why we need agency? a) agency reduces the cost of contracting. though it increases the number of parties and transactions, it has made possible for individuals to utilize the services of others in accomplishing, for more than could be done by their unaided …

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