Forums › ACCA Forums › ACCA LW Corporate and Business Law Forums › F4 – Agency Law
- This topic has 4 replies, 4 voices, and was last updated 7 years ago by mrjonbain.
- AuthorPosts
- October 23, 2013 at 3:12 pm #143460
Hi Sir
Can you please explain formation of an agent by ratification?
Thank You 🙂
October 26, 2013 at 1:01 pm #143763Where an agent enters into a contract without authority (or even where a person acts as though they were an agent and they in fact have NO authority) the principal on behalf of whom the “agent” has acted has the opportunity to accept the validity of the contract and is therefore “ratifying” the validity of the agent’s action and agency relationship contrcat
October 26, 2013 at 1:02 pm #143764and next time – if it’s a question for the tutor – post it on the “Ask the tutor” page 🙂
May 18, 2017 at 9:59 am #386819What are the Duties of Agent towards his Principle
May 26, 2017 at 5:01 pm #388312There are four basic duties of agent to principal-
1.To perform as instructed
2.To exercise due skill and care
3.Duty to keep accounts.
4.Fiduciary duty to principal.Duty of good faith.This is a duty of care and trust.
Number 4 duty is made us of the following parts-
1.Duty to account.
This involves accounting to principal for all benefits received as result of agency for whole time period of agency.
2.The duty to act personally.
3.Duty of confidentiality.
4.Duty to avoid conflicts of interest. - AuthorPosts
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