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Fundamental of agency law (chapter-2)

Fundamental of agency law (chapter-2). Definition of an Agent A person can be an agent only when he is authorised to act for the principal. Section 182 of the Indian contract Act defines the word ‘Agent and principal’.

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Fundamental of agency law (chapter-2)

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  1. Fundamental of agency law(chapter-2) • Definition of an Agent • A person can be an agent only when he is authorised to act for the principal.

  2. Section 182 of the Indian contract Act defines the word ‘Agent and principal’. • To be an Agent- The person employed must be authorised to do any act for another. • Principal- The person for whom such act is done of who is so represented.

  3. Authority of Agents • Express authority. • Implied authority. • Ostensible or Apparent authority.

  4. Duties of Agent to Principal • The act with in scope. • Proper care. • To deduct lawful charges. • Reasonable diligence. • Not adverse title. • To render accounts. • In interest of principal. • Not to deal on own name. • No conflict. • Not delegate further.

  5. Rights of an Agent • Right to remuneration. • Right to get compensation. • Right to return money. • Right to indemnity. • Right to retention.

  6. Liabilities of Agent • Towards principal. • Towards third party.

  7. Agent regulations • Licence is required under section 42 of insurance Act,1938 which is regulated by the insurance regulatory and development authority(IRDA) ````````````````````````````````````````````

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