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Mar 19, 2020 · While the contract of agency has been very diligently explained under chapter 10 (section 182-238) of the Indian Contract act, 1872 and by the Hon’ble courts of justice, time and again; A contract of agency, in its essence, is nothing but a fiduciary relationship between two parties where one party (the principal) contracts-with and ...
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”.
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.
Oct 18, 2023 · Introduction. 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 ’.
Dec 25, 2020 · Contract of agency under Indian Contract Act can be express or implied. Chapter X of the Indian Contract Act, 1872 deals with the laws relating to Agency. It is important to know the law relating to agency because nearly all business transactions worldwide are carried out through agency.
Jul 13, 2024 · A contract of agency is a two-party relationship in which one person acts as a representative to the other in business dealings in order to create contractual relations between that other and a third person. An agency may be created to perform any act that the creator of the agency himself could lawfully do.
This paper makes an effort to examine how the contract of Agency is formed and what are its essentials to form the contract of agency and what are the modes of creation of contract of agency and its determination.
Jan 12, 2022 · What is Contract of Agency? The agent is “a person, employed to do any act for another or to represent another in dealings with third person”. Thus, the agent is a person who acts in place of another. The person for whom or on whose behalf he acts is called the Principal.
Feb 4, 2022 · What is meant by Contract of Agency? Contract of Agency is defined as the situation wherein one of the parties ( the principal) in the contract transfers his authority to do an act to another person (agent) on his behalf, this is known as the contract of Agency.
May 2, 2020 · In contract law, agency refers to a relationship where one party (the agent) is authorized to act on behalf of another party (the principal) to create legal relations with a third party. The Indian Contract Act, 1872 governs the relationship between the principal and the agent under Chapter X (Sections 182 to 238).
