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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”.
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 ...
- Ayush Verma
Apr 24, 2021 · As per Section 182 of the Indian Contract Act, 1872, an agency agreement is a legal contract creating a fiduciary relationship, where the first party who is principal agrees that the actions of the second party that is agent binds him for the later agreements/transactions, made by the agent as if the principal had himself personally made the ...
- Ayush Verma
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.
Contract of agency is a contract by which an individual utilizes someone else to do any act for himself or to address him managing third individual. In Nepal there is Contract Act 2056 and In India there is Contract Act 1872 A.D. The individual who utilizes or chooses someone else to do act for his benefit is known as principal.
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
Dec 13, 2023 · The definition of agent and principal is provided under Section 182 of the Indian Contract Act 1872. ‘Agency’ is defined as a relationship where one party, namely the principal, who delegates some authority to another party, namely agent to represent him or to act on his behalf, in dealing with a third person.
