Law of agency in the context of "Fiduciary"

Play Trivia Questions online!

or

Skip to study material about Law of agency in the context of "Fiduciary"

Ad spacer

⭐ Core Definition: Law of agency

The law of agency is an area of commercial law dealing with a set of contractual, quasi-contractual and non-contractual fiduciary relationships that involve a person, called the agent, who is authorized to act on behalf of another (called the principal) to create legal relations with a third party. It may be referred to as the equal relationship between a principal and an agent whereby the principal, expressly or implicitly, authorizes the agent to work under their control and on their behalf. The agent is, thus, required to negotiate on behalf of the principal or bring them and third parties into contractual relationship. This branch of law separates and regulates the relationships between:

  • agents and principals (internal relationship), known as the principal-agent relationship;
  • agents and the third parties with whom they deal on their principals' behalf (external relationship); and
  • principals and the third parties when the agents deal.
↓ Menu

>>>PUT SHARE BUTTONS HERE<<<
In this Dossier

Law of agency in the context of Ratification

Ratification is a principal's legal confirmation of an act of its agent. In international law, ratification is the process by which a state declares its consent to be bound to a treaty. In the case of bilateral treaties, ratification is usually accomplished by exchanging the requisite instruments, and in the case of multilateral treaties, the usual procedure is for the depositary to collect the ratifications of all states, keeping all parties informed of the situation.

The institution of ratification grants states the necessary time-frame to seek the required approval for the treaty on the domestic level and to enact the necessary legislation to give domestic effect to that treaty. The term applies to private contract law, international treaties, and constitutions in federal states such as the United States and Canada. The term is also used in parliamentary procedure in deliberative assemblies.

↑ Return to Menu

Law of agency in the context of Procuring (prostitution)

Procuring, pimping, or pandering is the facilitation or provision of a prostitute or other sex worker in the arrangement of a sex act with a customer. A procurer, often called a pimp if male, or a madam if female, (though the term "pimp" is often used for female procurers as well) or a brothel keeper, is an agent for prostitutes who collects part of their earnings. The procurer may receive this money in return for advertising services, physical protection, or for providing and possibly monopolizing a location where the prostitute may solicit clients. Like prostitution, the legality of certain actions of a madam or a pimp vary from one region to the next.

↑ Return to Menu

Law of agency in the context of Bill of lading

A bill of lading (/ˈldɪŋ/) (sometimes abbreviated as B/L or BOL) is a document issued by a carrier (or their agent) to acknowledge receipt of cargo for shipment. Although the term is historically related only to carriage by sea, a bill of lading may today be used for any type of carriage of goods.

Bills of lading are one of three crucial documents used in international trade to ensure that exporters receive payment and importers receive the merchandise. The other two documents are a policy of insurance and an invoice. Whereas a bill of lading is negotiable, both a policy and an invoice are assignable.

↑ Return to Menu

Law of agency in the context of List of counties in California

The U.S. state of California is divided into 58 counties. The state was first divided into 27 counties on February 18, 1850. These were further sub-divided to form sixteen additional counties by 1860. Another fourteen counties were formed through further subdivision from 1861 to 1893. The most recent county to form was Imperial County, in 1907. California is home to San Bernardino County, the largest county in the contiguous United States, as well as Los Angeles County, the most populous county in the United States.

The counties of California are local arms of the State of California, described by the Supreme Court of California as agents ("the county is merely a political subdivision of state government, exercising only the powers of the state, granted by the state…'") and the property they hold is held on behalf of all the people of the state. As such, the State Legislature may delegate any of the functions of the State to the counties but likewise can reassume any delegated duties.

↑ Return to Menu

Law of agency in the context of Literary agent

A literary agent is an agent who represents writers and their written works to publishers, theatrical producers, film producers, and film studios, and assists in sale and deal negotiation. Literary agents most often represent novelists, screenwriters, and non-fiction writers.

Reputable literary agents generally charge a commission and do not charge a fee upfront. The commission rate is generally 15%.

↑ Return to Menu