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DE5L35 Business Taxation
The first 200 words of this essay...
1. An agent is a legal person (either an individual or a company) who acts on behalf of another, who is known as a ' principal'. There are two main categories of agents;
An agent who is given a large area of authority to act on behalf of the principal in general business or trade matters is matters is known as a general agent( for example a company director, partner or solicitor)
An agent who is given specific authority (i.e. specific instructions for a specific purpose), for example a travel agent or insurance agent, is known as a special agent.
2. Both parties to a contract of agency must have legal capacity and must also exist.
A relationship of agency may be constituted in the following ways which will be discussed in turn:
Agency created by express appointment In common with other types of contract, an agency can be created expressly- either in writing or orally.
Agency created by implication this occurs when there has been no express or deliberate appointment of an agent by a principal, but an agency relationship arises through the actions of the parties.
Agency created by ratification
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