Payumo, Jeasmine Andrea T.

Accountancy

These are the things I have learned from the presentation that was sent for us to study
and absorb, An agency is composed of people that represents a separate group of people or
just a person, to do some service for those people represented.

To have a successful relationship between Agents and Partners, An agency should be

consistent, it should be able to assign and recommend, it should always be prepared for
anything, and it should be dominant and outstanding.

The people within the agency should have the individual permit that they are not being
forced to work for the agency to build a good foundation inside the Agency. The handler should
act as a commissioner for the agency and not only for thyself and should only act based on the
permission granted to him by the Agency.

Members of the Contract of Agency, Principal; the one the agent steward for where the
agents get instructions on how and what to do, agents depend on the requests of the Principal,
also known as the Employer. Agent; the one who executes the Employer's request.

“What a man may do in person, he may do to another”

These are the acts that cannot be done through an agent; Personal Acts, if personal
performance is required by law or any agreements and Criminal Acts, when someone attempts
to assign authority to another to some act, which would be illegal and would be voided.

Agency can be created in two ways, Express and Implied; Express Agency are can be
written or orally, for example, My mother ordered me to buy something from the store using
her money. It is already an express agency because I represented my mother with her money to
buy that something from the store. Implied Agency, on the other hand, has authorized you or
someone just for a limited scope, but you are authorized. For example; I am an employee of a
corporation, therefore I am their agent and I am authorized to do things and services for the
corporation.

“Silence does not imply acceptance”

In a position where you feel like you don't have to agree with the other party, you can
always argue a defense that silence does not mean yes. Nowadays, we are so used to the belief
that once a person is quiet, it is okay for them, or rather, we assume that they have accepted
what we offer, but it is quite the opposite. Although there might be some exceptions as to what
a person is indicating, consent is a must to ensure the reliability of the person's permission.
 The responsibilities of an agent depend primarily on the contract of the agency if there
is one. Subject to any such express terms, the agent owes several implied duties or obligations
to his principal. It is the agency involved as such that gives rise to these obligations so that, as a
common rule, they fall as much on the gratuitous agent as on the paid agent.
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An agent is usually brought on because he has special experience or skills that the
principal wishes to tap. The agent is under a legal responsibility to complete his work with the
care and skill that is "standard in the locality for the kind of work which he is applied to
perform" and to handle any special skills if these are greater or more refined than those
prevailing among those normally employed in the society.

An agency is a fiduciary relationship. Because the agent has the power to act on behalf
of the principal, because of that the principal is responsible for the acts of the agent as long as
the acts are within the reach of the company. Any person who can enter a settlement can be a
principal. Capability is attained by having the appropriate mental capacity and have attained the
appropriate age. Employer-Employee relationship vs. Agent- Principal. An agent always has
some level of authorization to act on behalf of their principals. Employees do not have the
authority to act on account of the employer. Not all agents are agents but you can be both.

A proprietor in an independent contract. An independent constructor is a person who is

hired to perform a job but they have the power to do what and when they want as long as they
get the job done the contractor's hours cannot be verified. Independent contractors are not
employees but they might be agents. Accountability is the reason why we care about this.

Moreover, the principal-agent compiles a report on the status of the portion of the
works performed by the subcontractor and issues such report to the owner, entrepreneur, and
subcontractor. In circumstances where termination of the selected subcontract occurs, the
contractor appoints another subcontractor subject to the approval of the principal-agent. A
principal-agent has a duty to a contractor, a subcontractor, and their agents. The duty is to take
all possible steps to assure none of these people are injured while doing work they were
contracted to do. As the constitutional provision is that all functional measures be taken, a
failure to practice even one possible step is a violation of the agreement of the agency.

It appears that the law of agency is overwhelmed with the uneasy choice of balancing
opposing concerns of all individuals. It attempts to ensure that concept of agency is workable in
practice and encourages economic growth without placing an undue burden on an innocent
party.

In summary, the agency is a two-way street whereby parties, the agent, and the head
have duties to each other. The principal is obliged to compensate the agent, to return the agent
and lots of duties to keep their connection alive. (On the other hand, the agent is indebted to
act in the client's best concerns, to be private and lots of duties as per to agency law.) However,
if a breach of contract arises, the principal can remove the agent and in the case where the
agent was making undisclosed acquisitions, the principal can cause of money had and obtained.
Furthermore, the agent is allowed to cover for damages acquired by him in the performance of
his duties as an agent.

This information shall be helpful in our own daily lives for it provides us with so much
knowledge. And with it, we learn to be more safe, extra careful, and cautious in making our
decisions. It helped me by being aware of what to do and what not to do. That's the power
knowledge can offer.