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Mar 19, 2020 · Essentials: Contract of Agency. The Special Contract of Agency has been defined under Chapter 10 (section 182-238) of the Indian Contract Act, 1872; where beyond the general essentials (section 10) provided for a contract, the Act also lays down certain specific principles and essentials for the Special Contract of Agency. The major essentials ...
Mar 26, 2019 · The Indian Contract Act, 1872 defines an ‘Agent’ in Section 182 as a person employed to do any act for another or to represent another in dealing with third persons. Who is a Principal? According to Section 182, The person for whom such act is done, or who is so represented, is called the “principal”.
May 2, 2020 · KINDS OF AGENT-The Indian Contract Act 1872 Notes. A. Based on Authority. DUTIES OF AN AGENT (Sec. 209 to 218) RIGHTS OF AN AGENT (Sec. 217 to 225) WHEN AN AGENT IS PERSONALLY LIABLE? (Sec. 230 and 231) Exceptions, i.e. Agent personally as well as Joint & Severally Liable. AGENCY COUPLED WITH INTERST (Sec 202) IRREVOCABLE AGENCY (Sec.202 and 204)
Dec 25, 2020 · Contract Act Subject-wise Law Notes. LawBhoomi. December 25, 2020. Share & spread the love. Contents hide. 1. Introduction. 2. Parties to an Agency. 3. Who can be appointed as an Agent? 4. How is Contract of Agency under Indian Contract Act created? 5. Authority of an Agent as per Contract of Agency under Indian Contract Act. 6.
Oct 18, 2023 · The contract of the agency is a legal relationship, where one person appoints another to perform the transactions on his behalf. When a person employs another person to do any act for himself or to represent him in dealing with the third persons, it is called a ‘Contract of Agency’. Legal Provision
Meaning. When a person employs another person to do any act for himself or to represent him in dealing with third persons, it is called a ‘Contract of Agency’. The person who is so represented is called the ‘principal’ and the representative so employed is called the ‘agent (Sec. 182).
Sep 23, 2021 · In this contract of agency note, first, let us understand who is an agent and who is the principal. And after that, we will learn about the characteristics, formation, and termination of the contract of agency.
Jan 7, 2024 · A contract of agency, often simply referred to as an agency contract, is a fundamental legal arrangement that governs these relationships. It involves three key parties: the principal, the agent, and third parties with whom the agent interacts on behalf of the principal.
Understanding Contract of Agency. By Bhavana 19 | Views 61381. In India, the agent and principal share a relationship that is contractual in nature, and therefore it is governed by the terms and conditions of the contract between them.
Apr 18, 2023 · Explanation: In a contract of agency, the principal employs an agent on his own behalf to represent him before a third person with or without consideration to the agent. It is also important that the agent shall act as per the directions of the principal.
