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The law of agency is an area of commercial law dealing with a set of contractual, quasi-contractual and non-contractual fiduciary relationships that involve a person, called the agent, who is authorized to act on behalf of another (called the principal) to create legal relations with a third party. [1]
Bailment is a legal relationship in common law, where the owner transfers physical possession of personal property ("chattel") for a time, but retains ownership. [1] The owner who surrenders custody of a property is called the "bailor" and the individual who accepts the property is called a "bailee". [2]
Title insurance offers protection from problems with a property’s title, including liens, ownership disputes and encroachments. There are two types: a mandatory lender’s policy, whose cost is ...
Mandatum is gratuitous agency. By the old and strict Roman law, one person could not in theory represent another, but the contract of mandatum was an exception. The execution of a mandatum was the gratuitous performance of an act for another, the rights of both the mandator ('principal') and the mandatary ('agent') being amply protected by the ...
Flat-fee real estate agents charge a seller of a property a flat fee, $500 for example, [11] as opposed to a traditional or full-service real estate agent who charges a percentage of the sale price. In exchange, the seller's property will appear in the multiple listing service (MLS), but the seller will represent him or herself when showing the ...
A real estate agent will look at comps — similar recently sold properties in your neighborhood — to get a sense of an appropriate list price. However, there’s nothing stopping you from doing ...
An example of a difficulty in statute law is to be found in the law relating to estate agents. The term "independent contractor" does not normally mean an employee, [94] but rule 3.15 of the Estate Agent's Code of Conduct speaks of an estate agent's being "in the service of" another estate agent "as . . . an independent contractor." Item 3 of ...
Property Rules, Liability Rules and Inalienability: One View of the Cathedral is an article in the scholarly legal literature (Harvard Law Review, Vol.85, p. 1089, April 1972), authored by Judge Guido Calabresi (of the United States Court of Appeals for the Second Circuit) and A. Douglas Melamed, currently a professor at Stanford Law School.