1 / 7

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’.

daire
Télécharger la présentation

Fundamental of agency law (chapter-2)

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  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) ````````````````````````````````````````````

More Related