Indian Contract Act Assignment Sample

• Subject Name : Law

Agency in Terms of Law

The term Agency in Law means the ability of a person to act through another. As per the Business law, the agency is an agreement where one party entrusts the other party to conduct or undertake business proceedings on their behalf. The essentials of an Agency agreement are as follows: - Express Agreement (oral or written), Implication of the agreement, and conduct of the agreement as per the requirements. A person cannot act as an agent for other person without Approval. When one person approves another to conduct actions on their behalf a contract of Agency is created. The Element of control plays an important role in an agency agreement where the agent works for the principal, and the principal controls and gives authority to the agent to act on his behalf. An agency is formed according to the Indian contract Act, 1872. An express agency means when the agency is formed in writing or orally. Implied agencies, on the other hand, are formed when there is a conduct of an action that leads to the formation of an agency.

Section 237 of the Indian Contract Act 1872 specifies that an agency can be formed to be estoppel when a person is stopped from telling the truth for the fact that a person represents as a fact, but it is not. Section 188 and 189 of the Indian contract Act specifies that if a person owns someone else property, then it is the duty of the person to take reasonable action to save the property. This Agency formulated is called the Agency of necessity. Section 169-200 describes Agency by ratification which means that if a person is not having the authority to act as an agent, then the principal is not bound by the agent for such an authority. Agency formatted after the happening of an event is known as ex post facto agency. (Indian contract Act 1872). Section 201 of the Indian Contract Act specifies the situation when there can be a lawful termination:-

• By revocation done by the principal
• By renunciation
• By the death of any party od contract
• Insanity
• Maturity of an Agreement
• Mutual consent
• When the subject matter of the contract is destructed. (Section 56).

Many agencies are working in the field of Media and entertainment industry also. Roaring Folks is an agency working in the entertainment sector which works to allocate an impressive number of artistictic talents in just one year. The company focuses on the type of artist a brand wants and they work on developing the artist in such a way to meet the requirements of the company. The company focuses on quality and not quantity. It also focuses on work and management of international star Ustad Rahat Fatah Ali khan in associating with PME world. (Mulaye, 2018). Madison Media is one of business digital media company which has grown at an incredible rate and their work in social media, performance and marketing has been always up to the mark. Xiaomi was one of their biggest clients and the company strategy was to change the customer’s view in order to increase the sale of the product. The company is working for Godrej Properties and on the behalf of the company, they act on media. (Ravi Balakrishnan . Amit Bhapna, 2018). Mindshare is one of the largest company where 50% of their resources are allocated on data digital and content with clients like HUL, Pulse, Godrej and, Boyce. When it comes to marketing and Entertainment, agencies plays a vital role by acting as a third party on behalf of them making their work more feasible.

Bibliography for Indian Contract Act

Indian contract Act 1872. (n.d.). Retrieved october 8, 2020, from http://uputd.gov.in/site/writereaddata/siteContent/indian-contract-act-1872.pdf

Mulaye, S. (2018, October 16). Top 3 Artist Managment Agencies Reveals what helps them to Stand Apart. Retrieved october 8, 2020, from eventfaqs.com: https://www.eventfaqs.com/news/ef-15488/top-3-artist-management-agencies-reveal-what-helps-them-stand-apart

Ravi Balakrishnan . Amit Bhapna, P. N. (2018, July 25). How they did it : Top 3 Media Agencies. Retrieved october 8, 2020, from Brand Equity.com: https://brandequity.economictimes.indiatimes.com/news/media/how-they-did-it-top-3-media-agencies/65126747

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