Acadlly 512JSS1 - SS3 Lesson Notes
Study & CBT Exams
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AGENCY

Commerce1

Agency is the relationship which arises whenever one person (the agent) acts on behalf of another person (the principal) and has power to affect the principal’s legal position with regard to a third party. In practice, the two most important…

TYPES OF AGENCY

Commerce1

An agent could belong to one of the following classification: Universal Agent – An agent has given unlimited or unrestricted power to enter into any type of business contract on behalf of the principal. General Agent – An agent that…

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