I need 2 (4 total) paragraphs in regard to each of the essays below fitting the following reqs: Essay #1 An overview of the concept of agency law pertaining to agent, agents or agency where the agent is performing acts on the behalf of a principal with a third party. The three principals that will be covered are (fully) disclosed, undisclosed and partial disclosed. One of the main reasoning behind disclosure of any type is how much authority the agent has on behalf of the client also known as the principal. The agent is the party that has permission from the client to make decision or complete a task for the client, the client is known as the principal who hired the agent to complete a specific task and the third party is who the agent will be transacting contractual business. Fully disclosed is the amount of information that the third party knows that the agent is working on the behalf of the principal, and whos the principal party, and the principal is bound by the contract. The agent has no liability for the contract unless he fails to represent agents capacity, then the third party can sue both the agent and principal. The agent has authority to sign a contract on the behalf of the fully disclosed principal by must do so with his signature followed by an agent for said principal unless there will be some liability issues (Cheeseman, H.R. (2013). In the undisclosed process the third party does not know the identity of the principal or even if there is an existence of one the agent has all rights of the principal party for the contract and decision making process, also putting him as a liability party if anything is subject to digression. This is used when the principal party thinks if their identity is known the contract or agreement would change an example if Justin Bieber were to move into Miami area the purchase price of a said property value would increase. Oprah Winfrey land purchase in Colorado where the hiking trail would be closed if she was anonymous the hikers would not know who to pursue. In both of these examples if an agent had undisclosed principal the property would have been cheaper with less law involved. In a partial disclosed, the agent is acting for the principal but the third party does not know the principal because the principal is not mention or the failure to be acknowledged, the agent is liability in this type of contract because of the principal is unknown and the agents reputation, integrity, and credit speaks for them; unless the third party and agent come into an agreement. This method can be completed by mistake or not express the identity of the principal. An example is that the agent signs their name and end with the word agent, this is partially disclosed contract (Cheeseman, H.R. (2013). In my opinion for a situation where a third party is dealing with a undisclosed principal is that the agent can possible negotiate a better deal; conceal an investment, the third party may think it is a business take over, or sometime making a donation to charity in secret maintaining privacy as an anonymous giver and other charity organization will not seek a donation from the principal. Some owners of companies just do not want to deal with a particular individual (principal) due to trust issue or for other such reason. Purchase the answer to view it
