thingkrot.blogg.se

Memorandum book- Sold and Bought note Commission Agent Employed to buy or sell or to Transact Business Not Liable for third party, Particular lien May or may not have possessionġ6 Non Mercantile Agent Wife as an Agent Husband is not Liable Procures a sale or purchase on behalf of the principal, with a merchant in the foreign countryġ5 Broker Commission Agent Engage to buy or sell the property Guarantees Principal and Broker Can himself performġ4 Katcha Adatias Indentor Guarantees on the part of the Principal Pakka and Katcha adatias Indentor Broker Commission Agentġ1 Possession of property Sell on credit and in his own name General lienįactor Possession of property Sell on credit and in his own name General lien Cannot Barter Cannot Delegateġ2 Appointed to sell by auction Deliver goods on receipt of priceĪuctioneer Appointed to sell by auction Deliver goods on receipt of price Recover price from highest bidder Can file suit in his own name Particular Lienġ3 Del Credere Agent Pakka Adatias Agent as well as Guarantor By ratificationĬlassification according to extent of authority Special Agents General agents Classification according to nature of work performed by them 1) Commercial or Mercantile Agent 2) Non mercantile Agentsĩ General Agent A General agent is one who is appointed to represent the principal in all the matters concerning a particular business Special Agent A Special agent is one who is appointed to do some particular act or enter into some particular contractġ0 Mercantile Agents Factor Auctioneer Del Credere Agent A master is liable for the wrongs of the servants if they are committed in the course of his employment.ħ CREATION OF AGENCY By express agreement By implied agreement Agency by ESTOPPLE. A principal is liable for the wrongs of his agent done within the scope of his authority. An agent may work for several principals at the same time but servant usually serves only one master. A servant acts under the direct control and supervision of his employer and is bound to follow all the reasonable orders given to him in the course of his employment.Ħ Contnd. An agent is bound to follow all the lawful instructions of the principal but he is not subject to the direct control and supervision of principal. A servant does not ordinarily create legal relations b/w the third person and the employer. As the agent does not make contracts on his own behalf it is not necessary that he should have contractual capacity.Īn agent is employed to bring the principal into the legal relations with the third persons or to represent him in dealings with third persons. WHO MAY BE AN AGENT? Acc to sec 184 of ICA any person who is authorized to act such a person may be an agent.

To sec 183 of ICA any person who is of age of majority according to law to which is a subject, and who is of sound mind may employ an agent. Ĥ WHO CAN EMPLOY AN AGENT? WHO MAY BE AN AGENT?Īcc. INTENTION OF AN AGENT TO ACT ON BEHALF OF THE PRINCIPALģ RULES OF AGENCY There are two important rules of agency:ġ.Whatever a person can do personally, he can do through an agent 2.He who does an act through another does it by himself. Any person can become an agent b/w a principal and the third person.

PRINCIPAL A person for whom the above act is done or who is so represented is called the ‘PRINCIPAL’ĪGGREMENT B/W PRINCIPAL AND AGENT-: Agency depends on agreement but not necessarily on contract. The function of an agent is to bring his principal Into contractual relations with third persons. 182 to 238) of the Indian Contract Act, 1872Īn ‘AGENT’ is a person employed to do any act for another or to represent another in dealings with third persons.