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Example: A directs B, his agent, to buy a certain house for him. B tells A that it cannot be bought, any buys the house for himself. A may, on discovering that B has bought the house, compel him to sell it to A at the price he gave for it. 6.
How to draft a contract agreement Check out the parties. Come to an agreement on the terms. Specify the length of the contract. Spell out the consequences. Determine how you would resolve any disputes. Think about confidentiality. Check the contract's legality. Open it up to negotiation.
What Should an Agency Client Contract Contain? 1) Don't Use Legalese. ... 2) Start by Citing Both Parties. ... 3) Specify Duration and What Signifies the End. ... 4) Clearly Define the Scope of Work. ... 5) Talk About Additional, Out of Scope Work. ... 6) Identify Budget and Payment Terms. ... 7) Address Refund Requests. ... 8) Termination Clause.
If you're asking whether you need a lawyer to draft a contract, legally, the answer is no. Anyone can draft a contract on their own and as long as the elements above are included and both parties are legally competent and consent to the agreement, it is generally lawful.
Agency agreements are legally binding contracts that create a fiduciary relationship between the principal and the agent. The agency contract binds the principal to any agreements made by the agent, and gives the agent ability to act on behalf of the principal.