Contract of Agency | Kinds of Agents | Rights and Duties of Agents | Business Law

For free Notes and Videos Install our App: https://bit.ly/CT_app (Exclusive features only on App) Join our Whatsapp Group: http://bit.ly/CT_whatsapp *Contract of Agency or Agency Contract *Kinds of Agents *Rights of Agents *Duties of Agents An agency agreement is a legal…

Contract of Agency | Kinds of Agents | Rights and Duties of Agents | Business Law

Source

0
(0)

For free Notes and Videos Install our App: https://bit.ly/CT_app (Exclusive features only on App)

Join our Whatsapp Group: http://bit.ly/CT_whatsapp

*Contract of Agency or Agency Contract
*Kinds of Agents
*Rights of Agents
*Duties of Agents

An agency agreement is a legal contract creating a fiduciary relationship whereby the first party (“the principal”) agrees that the actions of a second party (“the agent”) binds the principal to later agreements made by the agent as if the principal had himself personally made the later agreements.

Agency system is very popular in the current business scenario. There are two parties in the agency system one is the principal and another the agent. An agent is a person acting on behalf of his principal. It’s a connecting link between the principal and the third party. Herein we will discuss the creation of agency under the Indian Contract Act, 1872.

Types of an Agency Contract
1. Express Agency

A contract of agency can be made orally or in writing. Example of a written contract of agency is the Power of Attorney that gives a right to an agency to act on behalf of his principal in accordance with the terms and conditions therein.

A power of attorney can be general or giving many powers to the agent or some special powers, giving authority to the agent for transacting a single act.

2. Implied Agency

Implied agency arises when there is any conduct, the situation of parties or is necessary for the case.

a. Agency by Estoppel (Section 237)

Estoppel arises when you are precluded from denying the truth of anything which you have represented as a fact, although it is not a fact.

Thus, where P allows third parties to believe that A is acting as his authorized agent, he will be estopped from denying the agency if such third-parties relying on it make a contract with an even when A had no authority at all.

b. Wife as Agent

Where a husband and wife are living together, we presume that the wife has her husband’s authority to pledge his credit for the purchase of necessaries of life suitable to their standard of living. But the husband will not be liable if he shows that:

(i) he had expressly warned the tradesman not to supply goods on credit to his wife; or

(ii) he had expressly forbidden the wife to use his credit; or

(iii) he already sufficiently supplies his wife with the articles in question; or

(iv) he supplies his wife with a sufficient allowance.

Similarly, where any person is held out by another as his agent, the third-party can hold that person liable for the acts of the ostensible agent, or the agent by holding out. Partners are each other’s agents for making contracts in the ordinary course of the partnership business.

For More Subscribe now…
http://bit.ly/collegeprotutor

All notes and videos Visit our website:
https://collegeprotutor.com/

Show us your Support and Love 🙂 Paytm:
8800302039

For notes: Check our website http://collegetutor.net or mail us on collegeprotutor@gmail.com or Comment below

Check our facebook page:
https://www.facebook.com/collegeprotutor
Follow us on Instagram:
https://www.instagram.com/collegeprotutor

mail us for any queries:
mailto://collegeprotutor@gmail.com
#StayHome and help save lives #WithMe
Buying something from Amazon? The same price for you, Little help for us.
Crazy Deals on Amazon: https://amzn.to/33OopAM

Our Recommendations (Affiliate Link):

Video Making (Cheap and Best):
Camera/Mobile Tripod Stand: https://amzn.to/3nPnQie
Gorilla Tripod/Mini Tripod: https://amzn.to/3nPnQie
Lavalier Microphone for Recording (Offer): https://amzn.to/3lBr8n6
Boya Omnidirectional Lavalier Microphone: https://amzn.to/3iNgxnu
AmazonBasics Whiteboard, Duster, Marker Combo: https://amzn.to/2GMhbod
Durable Whiteboard: https://amzn.to/3lEqwNN

Best Affordable Smartphone: https://amzn.to/3nMYD8b
Best OnePlus Affordable Smartphone: https://amzn.to/3nHysPS
Best Offers on the smartphone: https://amzn.to/3nGCpEI

0 / 5. 0