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Contract of Agency and diferent types of contracts
 

Contract of Agency and diferent types of contracts

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    Contract of Agency and diferent types of contracts Contract of Agency and diferent types of contracts Presentation Transcript

    • Contract of Indemnity
      To indemnify means to compensate or make the good losses. A contract of indemnity refers to promise made by one person to make good any losses or damages another has incurred.
      According to section 124 of contract Act “ A contract of indemnity is a contract by which one party promise to save the other from losses caused to him by the conduct of the promisor or the conduct of any other person”
    • The person who promise to save other is called indemnifier and the person to whom the promise is made is called indemnity holder. The object of contract of indemnity is to protect the indemnity holder from future (anticipated )losses.
      Right of indemnity Holders
      Collect the damages
      Collect the full cost
      Collect all sum
      Suit for specific performance.
    • Contract of Guarantee
      According to section 126 of contract Act “ a contract of guarantee is a contract to perform the promise or discharge the liability of a third person in case of his default”
      The contract of guarantee involve three parties, the principal debtor, creditor and surety. The person how give the guarantee is called surety, the person in respect of whose default the guarantee is given is called the principal debtor and the person to whom the guarantee is given is called the creditor.
    • Essential features of indemnity contract
      Three parties
      Identity of mind
      Liability in existence
      Primary and secondary liability
      Written or oral
      Essential elements of contract
      No misrepresentations or concealment of fact
    • Consideration in Contract of Guarantee
      Like every contract of guarantee also should support with considerations. It may be any or some considerations but it should not be totally absent. Any thing done or any promise by surety for the benefit of principal debtor can be a consideration. But past consideration is not a consideration for contract of guarantee.
      The person who enter in to contract of guarantee should have all legal capacity to enter in to contract. He should not be a minor, person with unsound mind or person disqualified from contracting .
    • Contract of Bailment
      Sec 148 of contract Act “ Bailment is the delivery of goods to another for some purpose, upon a contract that they shall, when the purpose is accomplished be return or dispose of according to the perosn delivering them”
      The person who deliver the goods are called bailer the person to whom the goods are delivered are called bailee.
    • Duties of Bailee
      To take reasonable care of the goods bailed.
      Not to mix the bailed goods with his goods.
      Not to make any unauthorized use
      Not to set up adverse title
      To return the goods
      Retain addition or profit
    • Right of Bailee
      Right to enforce the duties of bailor
      Right to reimbursement
      Right to remuneration
      Right to compensation
      right to sue
    • Duties of bailer
      Duties to disclose known fact
      Duty to bear extra ordinary expenses of bailment
      Duty to indemnify the bailee
      Duty to bear the risk
      Right of bailor
      Entailed to get back the goods
      Right to claim any increase in the value of goods
      Right 0f termination
      Right to enforce the duties of bailee
      Right to file a suit against third person
    • Contract of Lien
      Lien means a right by which a person is entitled to retain the possession of goods of another until the sum due to him is paid. The right to possess the goods is called right of lien.
      Particular or special lien : Where the bailee has in accordance with purpose the bailment rendered any services involving the exercise of labour or skill on respect of goods bailed he has in the absence of contract to the contrary a right to retain such goods until he receive due remuneration for the service he has rendered in respect of them.
    • General Lien: Is a right to retain any goods belongs to other as a security for general balance of account.
      For person have general lien power
      Banker
      Wharfingers
      Attorney of high court
      Policy brokers
    • Pledge Contract
      Pledge is a special kind of bailment where a thing is delivered as security for the repayment of debt. Bailment of goods as a security for repayment of debt of performance of a promise is called pledge.
    • Law of Agency
      Agent is a person employed to do any act for another or represent another in dealing with third person.
      Legal rule of agency
      Whatever a person can do can be done through agent
      The principal should be competent person
      Any person can be agent
      No consideration is required for agency.
    • Creation of agency
      Agency by agreement
      Agency by implication
      Agency by estoppel (prevent a person from denying a fact )
      Agency by holding out
      Agency by necessity.
      Agency by rectification.
    • Termination of agency
      By the act of parties
      By agreement
      By revocation by principal
      By renunciation of agency.
      2) By operation of Law
      On the completion of business of agency
      By expiry of time
      By destruction of subject matter
      Insolvency of the principal
      Death or insanity of principal or agent
      Dissolution of company
      The principal become alien anemy.
    • Types of agents
      General agent
      Special agent
      Universal agent
      Commercial agent
      Auctioneers
      Brokers
      Del credere agent
      Banker
      Commission agent
      5) Non mercantile agent
    • Right of Agents
      Right to remuneration
      Right to retain
      Right to lien
      Right to compensation
    • Duties of agent
      Duty to follow directions given
      Duty to reasonable skill and care
      Duty to render accounts
      Duty to communicate in case of difficulties
      Duty to pay overall money
      Duty not to setup adverse title
      Duty to [ass information to principal
      Duty not to disclose confidential information
      Duty not make secret profit from agency