Rights And Duties Of Principal And Agent Pdf
File Name: rights and duties of principal and agent .zip
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.
The agent owes the principal duties in two categories: the fiduciary duty and a set of general duties imposed by agency law. But these general duties are not unique to agency law; they are duties owed by any employee to the employer.
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.
Rights and duties of principal towards his agent
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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 , that is authorized to act on behalf of another called the principal to create legal relations with a third party. The agent is, thus, required to negotiate on behalf of the principal or bring them and third parties into contractual relationship. This branch of law separates and regulates the relationships between:. The reciprocal rights and liabilities between a principal and an agent reflect commercial and legal realities. A business owner often relies on an employee or another person to conduct a business.
The Law of Agency
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.
Toggle navigation. This includes illegal gratification, if any. Duties Of Principal 1. To Pay Remuneration. Duty to Indemnify. Compensation for injuries. Should not prevent the agent from earning remuneration.
(1)He can enforce the various duties of an agent. (2) He can recover compensation for any breach of duty by the agent. (3) He can forfeit agent's remuneration where the agent is guilty of misconduct in the business of agency. (4) Principal is entitled to any extra profit that the agent has made out of his agency.
BUSINESS LAW : LAW OF AGENCY
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Она пыталась не думать о Дэвиде, но безуспешно. С каждым завыванием сирены слова Хейла эхом отдавались в ее мозгу: Я сожалею о Дэвиде Беккере. Сьюзан казалось, что она сходит с ума.
Фил Чатрукьян не оставил ему выбора. Когда запыхавшийся сотрудник лаборатории безопасности завопил о вирусе, Стратмор, столкнувшийся с ним на лестнице служебного помещения, попытался наставить его на путь истинный. Но Чатрукьян отказывался прислушаться к голосу разума. У нас вирус.