The act of a person employing another to enter into a contract on his behalf is known as?

Assessment: JAMB UTME - Commerce - 2003 Subject: Commerce

Question 1 Report

The act of a person employing another to enter into a contract on his behalf is known as?
Answer Details
The act of a person employing another to enter into a contract on his behalf is known as "agency". In agency, the person who employs the other is called the "principal" while the person who is employed is called the "agent". The agent enters into the contract on behalf of the principal, and any legal consequences that arise from the contract affect the principal, not the agent. The principal has the power to control the actions of the agent, and the agent is obligated to act in the best interest of the principal.
Read lesson note on Legal Aspects Of Business (JAMB)
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