BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -’Power Of Attorney’ is an authority given by an instrument by one person, called as the donor or principal, authorising another person, called donee or agent to act on his behalf.

Detailed explanation-2: -An agent is a person who is legally empowered to act on behalf of an entity (principal). Section 182 of the Indian Contract Act defines agent and principal.

Detailed explanation-3: -The principal-agent relationship is an arrangement in which one entity legally appoints another to act on its behalf. 1 In a principal-agent relationship, the agent acts on behalf of the principal and should not have a conflict of interest in carrying out the act.

Detailed explanation-4: -The person named in a power of attorney to act on your behalf is commonly referred to as your “agent” or “attorney-in-fact.” With a valid power of attorney, your agent can take any action permitted in the document. Often your agent must present the actual document to invoke the power.

Detailed explanation-5: - Principal: The person or entity on whose behalf and subject to whose control an agent acts. For example, your boss at work. Agent: A person who agrees to act on behalf of and instead of his or her principal, subject to the principal’s control. A good example would be an insurance agent.