Day: March 4, 2022

The principal is only liable if the agent was acting within the scope of his authority. Authority implies permission to do or engage in a particular act. It differs from power which is a legal concept. Whereas authority creates power, Read More …

1. Performance: The agent must perform his obligation if the agency is contractual. He is not bound to perform if the agency is not created by agreement or where the undertaking is illegal or void. 2. Obedience: The agent is Read More …

BAILMENT This is a contract whereby a party known as bailor delivers goods to another known as bailee with specific instructions that the goods be dealt with in a particular manner or be returned as soon as the purpose for Read More …

Once an agency relationship is created, an agent comes into existence .An agency relationship may come into existence in the following ways; 1. By agreement, contract or appointment 2. By ratification 3. By estoppel 4. By necessity 5. By presumption Read More …

An agent is a person employed to do any act for another or to represent another in dealings with third persons. The person for whom such is done, or who is represented, is called the principal‖. The contract which creates Read More …

Outsourcing most commonly known as off-shoring has pros and cons to it. Most of the time, the advantages of outsourcing overshadow the disadvantages of outsourcing. The Advantages of Outsourcing Swiftness and Expertise: Most of the times tasks are outsourced to Read More …

Outsourcing is an arrangement in which one company provides services for another company that could also be or usually have been provided in-house. Outsourcing is an allocation of specific business processes to a specialist external service provider. Outsourcing is a Read More …

Subcontracting is the practice of assigning part of the obligations and tasks under a contract to another party known as a subcontractor. Subcontracting is especially prevalent in areas where complex projects are the norm, such as construction and information technology. Read More …

A contract in which one party (lessor) permits to use the asset for a specified period of time to another party (lessee) in exchange for periodic payments for a specified time is known as Leasing. At regular intervals, the lessee Read More …

Hiring is an agreement, in which the hire vendor transfers an asset to the hire purchaser, for consideration. The consideration is in the form of Hire Purchase Price (HPP) which includes cash down payment and installments. The hire purchase price Read More …