21 Contract of Agency | Creation of Agency | Types of Agent | Termination of Agency | Right of Agent

Описание: 01:25 📕 Purchase Indian Contract Act 1872 E-Book 📕

https://imojo.in/nj4zRJ

==========================

✅ Indian Contract Act 1872 Full Series ✅

   • Indian Contract Act 1872  

==========================

00:00 Introduction
00:47 Meaning of Contract of Agency
01:25 Example of Contract of Agency
02:40 Parties of Contract of Agency
03:08 Essentials of a Contract of Agency
04:08 Creation of Agency
07:52 Types of Agent
12:57 Modes of Termination of Agency
15:33 Rights of an Agent
16:37 Duties of an Agent
18:16 Rights of a Principal
19:08 Duties of a Principal

👉 Meaning of Contract of Agency

A Contract of Agency is a type of contract where one person (called the agent) is authorized to act on behalf of another person (called the principal) to create legal relations with a third party.
In simple words:
Agency is when one person is legally allowed to act for another in business dealings.

👉 Example of Contract of Agency

Mr. Ramesh owns a garment shop but cannot be present all the time.
He appoints a manager to buy goods from wholesalers and sell them to customers.
Here, Ramesh is the Principal and the Manager is the Agent.
The manager’s acts (like buying stock) legally bind Ramesh.


👉 Essentials of a Contract of Agency

1.) Agreement between Principal and Agent – Can be express (oral/written) or implied from conduct.
2.) Intention to Act on Behalf of Principal – The agent must represent the principal.
3.) Principal Must be Competent – Principal must be of sound mind and major. Agent may be minor but cannot be held personally liable.
4.) No Consideration Required – Agency does not need consideration (Sec. 185).
🔹Example: You can appoint a friend as an agent without paying them.
5.) Legal Relationship with Third Party – The agent creates binding obligations between the principal and third parties.

👉 Creation of Agency

1.) By Express Agreement (Sec. 187)
2.) By Implied Agreement (Sec. 187)
3.) By Ratification (Sec. 196–200)
4.) By Estoppel (Sec. 237)
5.) By Necessity (Sec. 188–189)

👉 Types of Agent

1.) General Agent
2.) Special Agent
3.) Co-Agent
4.) Sub-Agent (Sec. 191)
5.) Substituted Agent (Sec. 194)
6.) Del Credere Agent
7.) Auctioneer
8.) Broker

👉 Modes of Termination of Agency

A.) By Act of the Parties

1.) By Mutual Agreement
2.) By Revocation by the Principal (Sec. 203–205)
3.) By Renunciation by the Agent (Sec. 206)

B.) By Operation of Law

1.) Completion of Business (Sec. 201)
2.) Expiry of Time (Sec. 201)
3.) Death of Principal or Agent (Sec. 201)
4.) Insanity of Principal or Agent (Sec. 201)
5.) Destruction of Subject Matter If the subject matter (goods, property) is destroyed, agency ends.
6.) Principal or Agent Becomes Alien Enemy If war breaks out between principal’s and agent’s countries, agency ends.

👉 Rights of an Agent
1.) Right to remuneration (Sec. 219)
2.) Right of lien (Sec. 221)
3.) Right to retain sums (Sec. 217)

👉 Duties of an Agent

1.) To follow principal’s instructions (Sec. 211)
2.) To act with reasonable skill and diligence (Sec. 212)
3.) To render proper accounts (Sec. 213)
4.) To communicate with the principal (Sec. 214)
5.) Not to deal on own account (Sec. 215–216)
6.) To protect principal’s interest (Sec. 209)

👉 Rights of a Principal

1.) To get proper accounts (Sec. 213)
2.) To repudiate agent’s dealings (Sec. 215–216)
3.) To claim benefits (Sec. 216)
4.) To compensate for misconduct (Sec. 220)

👉 Duties of a Principal
1.) To pay remuneration (Sec. 219)
2.) To bear expenses (Sec. 217–218)
3.) Not to willfully prevent agent from earning commission (Sec. 219)
.
.
.
.
.
.
#indiancontractact1872 #contractact1872 #contractlaw #agency #contractofagency #rightofagent #dutiesofagent #rightofprincipal #dutiesofprincipal