12-21-2011, 08:41 PM
EMESTER FALL 2011
Business & Labor Law (MGT611)
Assignment No. 02
Due Date: December 23, 2011 Marks: 15
Abstract:
In general terms, Agency refers to the relationship which exists between two persons, the Principal and the Agent in which the Agent has to perform different duties/ functions as per instructions of the principal and also enters into contract with the third party / parties on behalf of the principal. The relationship of agency plays an important role in business and commercial dealings. This relationship is legal created by virtue of agreement between Principal and Agent.
Agency may be created in the following ways:
1. By consent
2. By operation of law
3. By estoppel
4. By ratification
Please identify how agency can be created through these ways in the given cases?
Case 01:
Mr. Mohsen deals in trading of Branded and none branded computer hardware and shipped a large quantity of computer hardware by three trucks from Lahore to Karachi. On the way to Karachi, one truck seriously met an accident. The truck driver could not establish contract with Mr. Mohsen.
However he found that a large quality of computer hardware damaged. He visited to the nearest market and get repaired some hardware and sold it at market rate.
Case 02:
Mr. Aslam is working as an agent of Mr. Salman from last 10 years and carrying different business transactions with many business personals. Due to the conduct of Mr. Salman (principal), Mr. Munir (third party) believes that Mr. Aslam is an agent of Mr. Salman and under this impression Mr. Munir enters into an agreement with Mr. Aslam. Later on Mr. Salman terminated the agency relationship with Mr. Aslam, however this was not in the knowledge of Mr. Munir and he continued his commercial dealings with Mr. Munir.
Case 03:
Mr. Sajid, an agent of Mr. Shrafat lends Rs 500,000 to Mr. Mohsen. Mr. Mohsen is paying monthly profit to Mr. Sajid. Who has rendered accounts in this respect to the principal, Mr. Shrafat. By accepting the profits, Mr. Shrafat conduct implies an approval of the amount of loan provided by his agent, although without his authority.
The Requirement:
1. You are required to identify the most appropriate way in each case through which agency can be created.
2. Support your answer by providing logical reasons.
Instructions:
Please read the following instructions carefully before preparing the assignment solution:
• Solve this assignment in your own words.
• You can take idea/concept from Video lectures, recommended books, reference books, internet etc
• Copy from internet, VU-Student’s websites/blogs will be graded as zero.
Note:
Only in the case of Assignment, 24 hours extra / grace period after the due date is usually available to overcome uploading difficulties which may be faced by the students on last date. This extra time should only be used to meet the emergencies and above mentioned due dates should always be treated as final to avoid any inconvenience.
Other Important Instructions:
Deadline:
• Make sure to upload the solution file before the due date on VULMS.
• Any submission made via email after the due date will not be accepted.
Formatting guidelines:
• Use the font style “Times New Roman” or “Arial” and font size “12”.
• It is advised to compose your document in MS-Word format.
• You may also compose your assignment in Open Office format.
• Use black and blue font colors only.
Solution guidelines:
• Use APA style for referencing and citation. For guidance search “APA reference style” in Google and read various website containing information for better understanding or visit http://linguistics.byu.edu/faculty/h…apa/APA01.html
• Every student will work individually and has to write in the form of an analytical assignment.
• Give the answer according to question, there will be negative marking for irrelevant material.
• For acquiring the relevant knowledge do not rely only on handouts but watch the video lectures and use other reference books also.
Rules for Marking
Please note that your assignment will not be graded or graded as Zero (0), if:
• It is submitted after the due date.
• The file you uploaded does not open or is corrupt.
• It is in any format other than MS-Word or Open Office; e.g. Excel, PowerPoint, PDF etc.
• It is cheated or copied from other students, internet, books, journals etc.
Business & Labor Law (MGT611)
Assignment No. 02
Due Date: December 23, 2011 Marks: 15
Abstract:
In general terms, Agency refers to the relationship which exists between two persons, the Principal and the Agent in which the Agent has to perform different duties/ functions as per instructions of the principal and also enters into contract with the third party / parties on behalf of the principal. The relationship of agency plays an important role in business and commercial dealings. This relationship is legal created by virtue of agreement between Principal and Agent.
Agency may be created in the following ways:
1. By consent
2. By operation of law
3. By estoppel
4. By ratification
Please identify how agency can be created through these ways in the given cases?
Case 01:
Mr. Mohsen deals in trading of Branded and none branded computer hardware and shipped a large quantity of computer hardware by three trucks from Lahore to Karachi. On the way to Karachi, one truck seriously met an accident. The truck driver could not establish contract with Mr. Mohsen.
However he found that a large quality of computer hardware damaged. He visited to the nearest market and get repaired some hardware and sold it at market rate.
Case 02:
Mr. Aslam is working as an agent of Mr. Salman from last 10 years and carrying different business transactions with many business personals. Due to the conduct of Mr. Salman (principal), Mr. Munir (third party) believes that Mr. Aslam is an agent of Mr. Salman and under this impression Mr. Munir enters into an agreement with Mr. Aslam. Later on Mr. Salman terminated the agency relationship with Mr. Aslam, however this was not in the knowledge of Mr. Munir and he continued his commercial dealings with Mr. Munir.
Case 03:
Mr. Sajid, an agent of Mr. Shrafat lends Rs 500,000 to Mr. Mohsen. Mr. Mohsen is paying monthly profit to Mr. Sajid. Who has rendered accounts in this respect to the principal, Mr. Shrafat. By accepting the profits, Mr. Shrafat conduct implies an approval of the amount of loan provided by his agent, although without his authority.
The Requirement:
1. You are required to identify the most appropriate way in each case through which agency can be created.
2. Support your answer by providing logical reasons.
Instructions:
Please read the following instructions carefully before preparing the assignment solution:
• Solve this assignment in your own words.
• You can take idea/concept from Video lectures, recommended books, reference books, internet etc
• Copy from internet, VU-Student’s websites/blogs will be graded as zero.
Note:
Only in the case of Assignment, 24 hours extra / grace period after the due date is usually available to overcome uploading difficulties which may be faced by the students on last date. This extra time should only be used to meet the emergencies and above mentioned due dates should always be treated as final to avoid any inconvenience.
Other Important Instructions:
Deadline:
• Make sure to upload the solution file before the due date on VULMS.
• Any submission made via email after the due date will not be accepted.
Formatting guidelines:
• Use the font style “Times New Roman” or “Arial” and font size “12”.
• It is advised to compose your document in MS-Word format.
• You may also compose your assignment in Open Office format.
• Use black and blue font colors only.
Solution guidelines:
• Use APA style for referencing and citation. For guidance search “APA reference style” in Google and read various website containing information for better understanding or visit http://linguistics.byu.edu/faculty/h…apa/APA01.html
• Every student will work individually and has to write in the form of an analytical assignment.
• Give the answer according to question, there will be negative marking for irrelevant material.
• For acquiring the relevant knowledge do not rely only on handouts but watch the video lectures and use other reference books also.
Rules for Marking
Please note that your assignment will not be graded or graded as Zero (0), if:
• It is submitted after the due date.
• The file you uploaded does not open or is corrupt.
• It is in any format other than MS-Word or Open Office; e.g. Excel, PowerPoint, PDF etc.
• It is cheated or copied from other students, internet, books, journals etc.
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