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Chapter

Cover Sealy and Hooley's Commercial Law

6. Relations with third parties  

D Fox, RJC Munday, B Soyer, AM Tettenborn, and PG Turner

This chapter examines how contracts made by the agent affect the legal relations of the principal with regard to third parties. When considering the rights and liability arising under a contract made by an agent, it is important to draw the distinction between whether the agent was acting for a disclosed or undisclosed principal, the latter being an important feature of English agency law largely unknown to civil lawyers. This chapter discusses generally the relations between principal and third party, and between agent and third party, in the context of both disclosed and undisclosed agency.

Chapter

Cover Sealy and Hooley's Commercial Law

26. Non-possessory security  

D Fox, RJC Munday, B Soyer, AM Tettenborn, and PG Turner

This chapter focuses on non-possessory security. It begins with a discussion of mortgages and their definitions. A mortgage involves the transfer of ownership of property from the mortgagor (the debtor or a third party) to the mortgagee (the creditor) as security for a debt or other obligation. The chapter then considers equitable charges and their definition, which include fixed and floating charges, before moving on to consider equitable liens. The chapter also examines statutory control with respect to non-possessory security, with particular emphasis on the protection of third parties and debtors.

Chapter

Cover Sealy and Hooley's Commercial Law

3. Bailment  

D Fox, RJC Munday, B Soyer, AM Tettenborn, and PG Turner

This chapter deals with bailment, defined as a transaction under which a bailee lawfully receives possession of goods from a bailor for some purpose. Examples of bailment from commercial law include warehousing, carriage, the deposit of property to have work done on it, leasing, and pledge. A buyer under a sale or return transaction is, pending acceptance or rejection, a bailee of the goods. After explaining what a bailment is, the chapter considers types of bailment and three requirements for a bailment: transfer of possession; ownership remaining in the bailor, or at least not passing to the bailee; and consent by the bailee. It then examines the bailee’s liability and the burden of proof with respect to bailment before concluding with an analysis of bailment involving third parties, focusing in particular on sub-bailment.

Chapter

Cover Commercial Law

6. Relations between principal and agent  

This chapter discusses the legal relationships that exist between the principal and agent, and, in particular, focuses on the duties that each party owes to the other. The precise scope and content of these duties will depend upon a number of factors, including whether the agency is contractual or gratuitous, whether the agent is acting within the scope of his authority, whether the agent is a specific type of agent upon whom extra duties are placed, and whether the agent is a commercial agent or not. There are legal relationships that can exist between the three parties involved in a typical legal relationship, namely, the relationships between principal and agent, between principal and third party, and between agent and third party. The chapter begins by discussing the duties that an agent owes to his principal.

Chapter

Cover Commercial Law

7. Relations between principal and third party  

This chapter examines the relationship that exists between principal and third party, focusing in particular on the liability that exists between principal and third party, and those instances when they can sue, and be sued by, the other. Liability principally arises in contract and tort, and so these two areas of liability will be discussed, beginning with the contractual liability of the principal and third party. The contractual relationship between the principal and third party, and the extent to which one party can be liable to the other, can be complex and depends upon a number of variables, notably whether the principal is disclosed or undisclosed. In a typical agency relationship an agent will effect a contract between his principal and a third party, after which the agent will ‘drop out’ of the transaction.

Chapter

Cover Commercial Law Concentrate

12. The creation of agency and the agent’s authority  

Each Concentrate revision guide is packed with essential information, key cases, revision tips, exam Q&As, and more. Concentrates show you what to expect in a law exam, what examiners are looking for, and how to achieve extra marks. This chapter focuses on the creation of agency and its three main parties: the agent, the principal, and the third party. The primary purpose of the agent is to bring the principal and the third party into direct contractual relations, with the principal taking on the rights and liabilities created by the contracts, provided the agent had authority to act. The chapter looks at several kinds of agent’s authority, including actual authority, apparent authority, and usual authority, and also considers agency of necessity as well as cases where the principal may ratify a transaction.

Chapter

Cover Commercial Law Concentrate

13. The relationships created by agency: the rights and liabilities of the parties  

Each Concentrate revision guide is packed with essential information, key cases, revision tips, exam Q&As, and more. Concentrates show you what to expect in a law exam, what examiners are looking for, and how to achieve extra marks. This chapter focuses on the relationships created by agency, namely, the rights and liabilities of the agent, the principal, and the third party. It first explains disclosed agency as opposed to undisclosed agency with regard to the contract made by the agent, and then, after discussing the rights and liabilities of the principal and the third party, considers the rights of the agent against their principal, including remuneration, indemnity, and lien. The chapter examines the agent’s two kinds of duty to their principal (contractual duty and fiduciary duty) and discusses remedies for breach of fiduciary duty and how an agency may be terminated as well as the effects of termination. It concludes by highlighting the provisions of the Commercial Agents (Council Directive) Regulations 1993.

Chapter

Cover Banking Law and Regulation

3. Payment methods  

Iris Chiu and Joanna Wilson

This chapter examines payment methods, which refer to the mechanisms, procedures, and organisations that are used to enable parties to discharge their payment obligations. While there are a vast range of different payment mechanisms, the most common methods are cheques, payment cards, and the electronic transfer of funds. A cheque is a written order from an account holder instructing their bank to pay a specified sum of money to one or more named beneficiaries. Meanwhile, payment cards—small pieces of plastic that are used in financial transactions—have revolutionised the way that people pay for goods or services. Lastly, the transfer of funds refers to the movement of a credit balance from one account to another, which occurs by adjusting the balances of the respective party’s accounts. The chapter then looks at recent innovations in the payment services industry relating to open banking and third-party providers.