Contract And Law Principles Agency

Where the contract (irrespective of any variation or extension) affords an unforeseen or undisclosed benefit to one of the contracting parties, the common law usually lets the benefit rest undisturbed. You have unsaved data that will be lost if you leave this page. Many states employ the equal dignity rule whereby the agency agreement must be in writing if the later agreement would also necessarily be written, such as a contract to buy thousands of dollars’ worth of goods.

Manufacturers and suppliers of goods frequently appoint agents to act on their behalf in promoting sales, both in the home country of the manufacturer as well as overseas. An agent should be distinguished from a distributor—in commercial parlance, a distributor will buy stock from the supplier or principal and then sell it on to his customers at a mark-up, whereas an agent will find customers for the principal who then sells direct to the customers and pays commission to the agent.

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