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Write INTRODUCTION and explain the term Law of Agency & Agency by ratification. Elaborate the terms...

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General Management

Write INTRODUCTION and explain the term Law of Agency& Agency by ratification. Elaborate the terms and providearticles that talked about it.

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The law of agency is an area of commercial law dealing with a set of contractual quasicontractual and noncontractual fiduciary relationships that involve a person called the agent that is authorized to act on behalf of another called the principal to create legal relations with a third party Succinctly 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 his or her control and on his or her behalf The agent is thus required to negotiate on behalf of the principal or bring him or her and third parties into contractual relationship This branch of law separates and regulates the relationships between agents and principals internal relationship known as the principalagent 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 In India section 182 of the Contract Act 1872 defines Agent as a person employed to do any act for another or to    See Answer
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