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CONTRACT OF AGENCY Chapter x (Secs. 182 to 238) of the Indian Contract Act, 1872
DEFINITION OF AGENT AND PRINCIPAL An ‘ AGENT’ is a person employed to do any act for another or to represent another in dealings with third persons. The function of an agent is to bring his principal Into contractual relations with third persons. . AGENT PRINCIPAL A person for whom the above act is done or who is so represented is called the ‘PRINCIPAL’
Agency depends on agreement but not necessarily on contract. Any person can become an agent b/w a principal and the third person.
INTENTION OF AN AGENT TO ACT ON BEHALF OF THE PRINCIPAL
RULES OF AGENCY There are two important rules of agency: 1.Whatever a person can do personally, he can do through an agent 2.He who does an act through another does it by himself .
WHO CAN EMPLOY AN AGENT? Acc. To sec 183 of ICA any person who is of age of majority according to law to which is a subject, and who is of sound mind may employ an agent. WHO MAY BE AN AGENT? Acc to sec 184 of ICA any person who is authorized to act such a person may be an agent. As the agent does not make contracts on his own behalf it is not necessary that he should have contractual capacity.