Reference Reading Materials for BBA Students
An agency created by express agreement is a type of agency relationship that is established by a written or oral agreement between two parties. An agent acts on behalf of the principal, which is a party that appoints to accomplish a specific goal or do a particular task on their behalf. When the principal and the agent agree to work together and the agent accepts the appointment, the agency relationship is formed.
Performance of contract means that both the promisor and the promisee have fulfilled their respective obligations under the contract. Contracts require the contracting parties to perform their mutual promises until they are discharged or terminated. A contract is discharged most naturally and usually by performing it. When a contract is performed as agreed, the parties are discharged from further responsibility. He is generally entitled to receive the performance of the other party if he performs such a task. For Example, X visits a bakery shop in order to purchase a cake. X pays the shopkeeper for delivering the cake. As a result of mutual performance, the contract is discharged.
Some of the Major Types of Performance of Contract are as follows:
The legal entity of a company is distinct from its members and is independent. In order to recover money from creditors of the company, they will have to go after the company and its property. Individual members cannot be sued. A company’s debts are not liable in any way for those of its members.
Effect of non registration of firm | Business Law | BBA Notes The agency must be registered to operate the business of agency in Nepal. The transaction without having registration is not only illegal but also creates a number of difficulties as well as makes liable for the punishment to the agent. According to … Read more
Termination of Agency | Termination of Agency by acts of the parties | By the operation of the law agency’s termination | Contract of Agency | Business Law | Management Notes Termination of agency implies the end of the relationship between the principal and agent. There are several modes of termination of agency. The … Read more
Rights of principal | Business Law | BBA Notes There are following rights of the principal against his agent: Right to revoke agent: In case, where the agent commits fraud or uses excess authority or deceives his, the principal has the right to revoke him before the commencement of the work. The revocation discharges the … Read more
Duties of agent | Business Law | BBA Notes The agent performs work on behalf of the principal. Therefore, an agent has the following duties towards the principal. NCA, 2056 in Section 59 has made some provisions to this regard. 1) Duty to follow the principal’s instruction: It is the duty of every agent is … Read more
There are several modes for creating agency or agency can be created in any one of the following ways.
Normally agency is created by an express agreement, specifying the scope of the authority of the agent. The term express comprises both the words of mouth and an agreement in written form. Most of the agencies are created orally in a large number of business transactions. But in Nepal, the agency must be created in a written form and it is necessary to register in the prescribed governmental office.
There is no particular form is designed for appointing an agent. When a power of attorney is given to another person, an express agency is created and the agent enables to perform the work on behalf of the principal. The authority of the power of attorney may be different in accordance with the terms and conditions of that document.