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In commercial law, a principal is a person, legal or natural, who authorizes an agent to act to create one or more legal relationships with a third party. This branch of law is called agency and relies on the common law proposition qui facit per alium, facit per se (from Latin : "he who acts through another, acts personally").
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]
Term used in contract law to specify terms that are voided or confirmed in effect from the execution of the contract. Cf. ex nunc. Ex turpi causa non oritur actio: ex nunc: from now on Term used in contract law to specify terms that are voided or confirmed in effect only in the future and not prior to the contract, or its adjudication. Cf. ex ...
Principal (finance) or principal sum, the original amount of a debt or investment on which interest is calculated Principal (bond), the face value of a bond; Principal Financial Group, a life insurance company
Legal expenses insurance covers policyholders for the potential costs of legal action against an institution or an individual. When something happens which triggers the need for legal action, it is known as "the event". There are two main types of legal expenses insurance: before the event insurance and after the event insurance.
Legal jurisdictions which provide for apparent authority include the United States, the United Kingdom, Australia, Canada and South Africa.The doctrine of apparent authority is based on the concept of estoppel, thus, it prevents the principal from denying the existence of agency to a third party, provided that a representation, as to the agent's authority, has been made by him to the third ...
An auto insurance claim is essentially your way of notifying your insurance provider that you’ll need to use your policy to cover expenses after your car is damaged in a covered incident. The ...
A peculiarity of marine insurance, and insurance law generally, is the use of the terms condition and warranty. In English law, a condition typically describes a part of the contract that is fundamental to the performance of that contract, and, if breached, the non-breaching party is entitled not only to claim damages but to terminate the ...