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Rights Duties And Relationship Of Principal And Agent Pdf

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Types of an Agent:. Commission Agent. Deceredere Agent. Rights of an Agent:. Following are the important rights of an agent : 1.

We have discussed about rights and duties of agent towards his principal. It must be noted that principal is liable only for such damages as are direct and immediate and naturally follow the execution of the agency. Misrepresentations or fraud by agent sec : Misrepresentations made, or frauds committed, by an agent acting in the courses of business for his principal, has the same effect on agreement made by such agent as if such misrepresentations or fraud had been made or committed by the principal. To repudiate contract Sec : If an agent deals on his own account in the business of the agency, without first obtaining the consent of his principal and acquainting him with all material circumstances which have come to his own knowledge on the subject, the principal may repudiate the transaction, if the case shows either that any material fact has been dishonestly concealed from him by the agent or that the dealings of the agent have been disadvantageous to him. To claim benefit Sec : if an agent without the knowledge of the principal, deals in the business of the agency on his own account instead of on account of his principal, the principal is entitled to claim from the agent any benefit which may have resulted to him from the transaction. To demand accounts Sec : Principal is entitled to demand proper accounts from the agent.

Rights & Duties of an Agent

The contract between Principal and Agent is called 'Contract of Agency'. The rights and duties of the Agent are corresponding to the duties. When the agent acts otherwise, if any loss be sustained, he must make it good to his principal, and, if any profit accrues, he must account for it. A must make good to B the interest usually obtained by such investments. C, before payment, becomes insolvent. B must make good the loss to A. The agent is always bound to act with reasonable diligence, and to use such skill as he possesses; and to make compensation to his principal in respect of the direct consequences of his own neglect, want of skill or misconduct, but not in respect of loss or damage which are indirectly or remotely caused by such neglect, want of skill or misconduct.

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Principal-Agent Relationship

After reading this chapter, you should understand the following:. An agent is a person who acts in the name of and on behalf of another, having been given and assumed some degree of authority to do so. Most organized human activity—and virtually all commercial activity—is carried on through agency. No corporation would be possible, even in theory, without such a concept.

Why do we care about agency relationships? Because it is the fundamental concept on which other business or other relationships are built, such as partnerships, corporations, trusts, and the like!

Rights and duties of principal towards his agent

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rights, duties, powers and liabilities of the parties inter se.' As to the character of the relation, it has been variously described as a special kind of contract,2 a.


Introduction to Agency Law

 Он позвонил и предупредил, что заканчивает работу над алгоритмом, создающим абсолютно стойкие шифры. Я ему не поверил. - Но зачем он вам об этом сообщил? - спросила Сьюзан.  - Хотел предложить вам купить этот алгоритм. - Нет. Это был шантаж.

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5 Comments

Mindworlfilne1969 15.03.2021 at 12:30

The principal is someone — an individual, a corporation, a partnership — with the legal authority to make certain decisions or actions.

Jason S. 15.03.2021 at 21:43

Hcc coding guidelines 2017 pdf operations and supply chain management the core 3rd edition pdf

Didecidel 17.03.2021 at 09:56

A principal-agent relationship describes the relationship between a business or individual and someone hired by that business or person to act on their behalf.

Fergus O. 17.03.2021 at 11:24

The agent owes the principal duties in two categories: the fiduciary duty and a set of general duties imposed by agency law.

Salustio C. 19.03.2021 at 02:14

The relation between a principal and an agent is fiduciary and an agent's actions bind the principal[i]. The law of agency thus governs the legal relationship in.

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