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Mar 26, 2019 · Introduction: What is Agency? When one party delegates some authority to another party whereby the latter performs his actions in a more or less independent fashion, on behalf of the first party, the relationship between them is called an agency.
May 2, 2020 · An ‘agent’ is a person employed to –. Do any act for another; or. Represent another in dealings with third persons. Meaning of ‘principal’. ‘Principal’ is the person –. For whom an act is done by the agent; or. Who is represented by the agent in respect of dealing with third persons. Test of agency.
Dec 25, 2020 · When one party delegates some authority to another party whereby the latter performs his actions in a more or less independent fashion, on behalf of the first party, the relationship between them is called an agency. Contract of agency under Indian Contract Act can be express or implied.
Mar 19, 2020 · An agent in its essence is an individual who, acting at his discretion and judgment, has the ability to make the principal directly liable to third parties, i.e., enable the principal to sue or be sued by any third party directly.
Types of an Agency Contract. 1. Express Agency A contract of agency can be made orally or in writing. Example of a written contract of agency is the Power of Attorney that gives a right to an agency to act on behalf of his principal in accordance with the terms and conditions therein.
Apr 24, 2021 · So, here in this article, we will learn the basics of an agency agreement, the creation of the agency, the termination of the agency, various issues related to the agency, and the methods to mitigate these issues.
Apr 23, 2023 · In areas of social need, courts have declared an agency to exist in the absence of an agreement. The agency relationship then is said to have been implied “by operation of law.” Children in most states may purchase necessary items—food or medical services—on the parent’s account.
Oct 18, 2023 · Section 182 of the Indian Contract Act, 1872 defines “ agent” and “principle” . An “ agent ” is a person employed to do any act for another, or to represent another in dealings with third persons. The person for whom such act is done, or who is so represented, is called the “ principle”.
Apr 4, 2015 · Editor’s note: This paper analyses the role of an agent under the Indian law on contracts. In contracts of agency, there exists a legal relationship between two people where one person acts on behalf of the other.
In this unit you will learn the meaning of agency, creation of agency, authority, rights and duties of an agent, delegation of authority by an agent and difference between sub-agent and substituted agent.
