Commercial law Essay Example | Topics and Well Written Essays - 1750 words - 2

Commercial law - Essay Examplein one case the terms of an role agreement charter been made, it is important to draft a written contract that every of the parties involved can request, which would state the duration of the contract among other things. An agency agreement usually contains the repair term of the contract, exists for an indefinite term that is terminable and lastly a fixed term that can be extended if agreed by both parties1.In relation to Rosie and Simons case, the parties did take over a written contract or agency agreement that did non state the terms of their contract in detail. The tax deduction of this is that it might be difficult for Simon to prove that Rosie went against the terms of the contract that they had agreed upon through the written agency agreement. Additionally, Rosie is in breach of the contract they agreed upon with Simon because she did not give Simon the 10% commission that they had agreed on when he sold a piece of work for her. In order f or Simon to be safe, he would have made sure that he drafted a contract that captured much detail on how he was to wee money out of the contract. For this reason, Rosie could be entitled to not pay Simon.On the contrary, the Commercial Agents regulation requires that all of the parties wishing to terminate an agreement entered for an indefinite period issue adequate notice to the other party, which Rosie did not comply. The regulation requires that a person provides notice of termination depending on the period they have been in the contract. For example, if they have been in the contract for a year, they should issue a one months notice, cardinal years attracts a two months notice and so on. Therefore, Simon has grounds to seek compensation for the breaching of the contract that he had entered into with Rosie based on not being issued with proper notice. The regulation requires that a principal act dutifully to the agent and in life-threatening faith to which she did not