An agent, in legal terminology, is a person who has been legally empowered to act on behalf of another person or an entity. An agent may be employed to represent a client in negotiations and other dealings with third parties.Sep 28, 2021
A person with authority to act on behalf of another person.
A person who has received the power to act on behalf of another, binding that other person as if he or she were themselves making the decisions. For example, a person may be entitled to be represented or assisted in Court or before a tribunal by an agent. …
Who can appoint an Agent? According to Section 183, any person who has attained the age of majority and has a sound mind can appoint an agent. In other words, any person capable of contracting can legally appoint an agent. Minors and persons of unsound mind cannot appoint an agent.
Types of Agents
Special Agent- Agent appointed to do a singular specific act. General Agent- Agent appointed to do all acts relating to a specific job. Sub-Agent-An agent appointed by an agent. … Broker- An agent whose job is to create a contractual relationship between two parties.
The authority conferred on an agent by the principal is termed as the actual authority. It can be classified into two categories, namely express and implied. 28 An authority is said to be express when it is given by words spoken or written.
The definition of an agent is a person or group of people that represent another person or that takes action for other people. Someone who schedules appearances for a musical group is an example of an agent.
A lawyer acts on behalf of the client, representing the client, with con- sequences that bind the client. Lawyers act as clients’ agents in trans- actional settings as well as in litigation. … Lawyers are agents, but lawyers perform functions that distin- guish them from most other agents.
—An ‘agent’ is a person employed to do any act for another, or to represent another in dealings with third person. The person for whom such act is done, or who is so represented, is called the ‘principal’. —An ‘agent’ is a person employed to do any act for another, or to represent another in dealings with third person.
Agent and principal are defined under Section 182 of the Indian Contract Act, 1872. … According to this section any person can become an agent i.e. there is no need to have a contractual capacity to become an agent. Therefore, a minor can also act as an agent. But the minor will not be responsible to his principal.
Any person who has the legal capacity (meaning that they are not insane, or in certain circumstances a minor) to perform an act may be a principal and empower an agent to carry out that act.
Definition: An agent is a person who represents an insurance firm and sells insurance policies on its behalf. Description: Generally, there are two types of such agents who reach the prospective parties that may be interested in buying insurance. These are independent agents and captive or exclusive agents.
There are three main agency types: creative, digital and PR. You cannot harness the power of marketing without the right assistance. Each of the agencies serves a distinct purpose, tailored to attracting audiences traditionally and in the digital space.
status or occupational name from agent ‘agent’, ‘representative’. Americanized spelling (in New Orleans) of French Ajean, (enfant) à Jean ‘(child) of John’. Similar surnames: Ament, Agen, Gent, Avent, Argent, Lent, Largent, Gant, Sargent, Geno.
A special agent is an investigator or detective for a governmental or independent agency, who primarily serves in criminal investigatory positions. Additionally, many federal and state special agents operate in “criminal intelligence” based roles as well.
The most common agency relationships are: Buyer’s Agency; Seller’s Agency; Dual Agency.
Recognize that the principal owes the agent duties: contract, tort, and workers’ compensation.
specific powers that a prospective insured believes the insurance company has granted to its agent.
Why Is Agent Authority Important? Agent authority often decides whether a principal or an agent is liable for a lawsuit. If the agent acts under the principal’s authority, then the agent was most likely under the principal’s control, thereby making the principal liable.
Apparent authority may arise, for example, by giving someone who has no authority to contract materials, stationery, forms, a truck with a company logo, or letting him work out of the company office.
Definition, and Comment. Authority, in the law of Agency, denotes an oral or written comr- munication from the principal to the agent, expressing an actual. intention that the agent shall act on the principal’s behalf in one or more. transactions with third persons, or causing the agent reasonably to.
What Is Implied Authority? Implied authority refers to an agent with the jurisdiction to perform acts that are reasonably necessary to accomplish the purpose of an organization. Under contract law, implied authority figures have the ability to make a legally binding contract on behalf of another person or company.
An shareholder would be an example of a principal while an manager would be an example of an agent.
Agent. (Science: pharmacology) Any power, principle or substance capable of producing an effect, whether physical, chemical or biological.
The legal relationship between an employer and an employee is called agency. The employer is called the principal when engaging someone to act for him. … An employee is an agent for her employer to the extent that the employee is authorized to act for the employer and is partially entrusted with the employer’s business.
A principal owes certain contractual duties to his/her agent. A principal’s primary duties to his/her agent include: To compensate the agent as agreed; and. To indemnify and protect the agent against claims, liabilities, and expenses incurred in the agent correctly discharging the duties assigned by the principal.
(1)He can enforce the various duties of an agent. (2) He can recover compensation for any breach of duty by the agent. (3) He can forfeit agent’s remuneration where the agent is guilty of misconduct in the business of agency. (4) Principal is entitled to any extra profit that the agent has made out of his agency.
As nouns the difference between agent and attorney
is that agent is one who exerts power, or has the power to act; an actor while attorney is (us) a lawyer; one who advises or represents others in legal matters as a profession.
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