Contract of agency

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Contract of agency

  1. 1. Agent and PrincipalA person employed to do any act foranother orTo represent another in dealings withThird Person called ‘Agent’.The person for whom such act is doneorTo whom is so represented is called‘Principal’.
  2. 2. Essentials of AgencyAgreement.Qualifications for Agent.Qualifications for Principal.Consideration not necessary.Intention
  3. 3. Test of AgencyWhenever a person can bind anotherBy acts done on his behalf.
  4. 4. Kinds of AgentGeneral AgentSpecial AgentUniversal AgentMercantile AgentAuctioneerIndenter
  5. 5. Kinds of AgentBankerCommission AgentAdvocateBroker
  6. 6. Duties of Agent1. Follow Principals Directions.2. To Work with Reasonable Skill3. Render Accounts4. Communicate in Difficulty5. Termination of Agency6. Not to make any secret Profit7. To pay sums received8. Not to delegate authority
  7. 7. Rights of Agent1. Right to Retain money2. Right to Receive Remuneration3. Right of Lien (Qanooni Haq)4. To be Indemnified (protect againstdamage, loss, or injury) for lawfulacts and Good faith.5. Right to compensate for injury
  8. 8. Termination of Agency1. Agreement2. Revocation (withdraw) by the Principal3. Revocation by agent4. Completion of business5. Expiry of Time6. Destruction of Subject Matter7. Death , Insanity of the Principal /Agent
  9. 9. Termination of Agency1. Agreement2. Revocation (withdraw) by the Principal3. Revocation by agent4. Completion of business5. Expiry of Time6. Destruction of Subject Matter7. Death , Insanity of the Principal /Agent

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