APPRAISAL OF THE CONCEPT AND SCOPE OF AGENCY RELATIONSHIP UNDER THE NIGERIAN COMMERCIAL LAW

APPRAISAL OF THE CONCEPT AND SCOPE OF AGENCY RELATIONSHIP UNDER THE NIGERIAN COMMERCIAL LAW

Introduction General, the doctrine of privity of contract disentitles a person from acquiring any right under or being subjected to any obligation arising from a contract to which he is not a party. However, the law does to dissuade a person from employing the services of another to negotiate or conclude a contract on his behalf. The employer may lack the expertise or skill of the trade, business or profession, the knowledge or experience of a particular market, area or commodity or may simply be too busy with the other matters to conclude the contract himself. Obviously, a limited liability company or even a partnership being an artificial person cannot contract for itself, but, must rely on human beings to be its mind and body for the purpose of making its contracts. So the law meets these needs of business through the concept of agency.

The law which governs agency relationship in Nigeria is the received English law particularly the common law and equity. The law itself primarily deals with the relationship which arises where one person expressly or impliedly employs another or is by law deemed to have employed such person to perform some tasks for and or his behalf.2 The concept of agency is an essential part of commercial law in Nigeria because organizations/companies and men alike can conduct their business in most occasions through agents. The functions of the law of agency is to enable agents to bring commercial parties into contractual relations in such a way as to render those parties and not the agents liable on, and able to enforce the contract. The principal, on whose behalf the agents is bargaining, must be able to place complete confidence in the agent. This has led the law of agency to make the agent a fiduciary, which imposes strict obligations. However, there are interest other than the protection of the principal against misuse of power by the agent the protection of the third party with whom the agent had dealt, the protection of the agent against any liability incurred on behalf of the principal, and the rights an agent may have against the principal. However the agent must act within the authority given to him by the principal which can be actual or real authority or apparent or ostensible authority. In other words, an agent cannot act outside its authority if he does he would personally liable unless such authorized act has been ratified by the principle before the principal becomes liable.

TOPIC: APPRAISAL OF THE CONCEPT AND SCOPE OF AGENCY RELATIONSHIP UNDER THE NIGERIAN COMMERCIAL LAW

Chapters: 1 - 5
Delivery: Email

Number of Pages: 72

Price: 3000 NGN

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