Sunday, December 23, 2012

an Agent’s Right to be Indemnified

an Agent’s Right to be Indemnified

 No consideration is necessary to create an agency
3. The authority of an Agent may be express or implied

4. An authority is said to be express when it is given by words, spoken or written

5. An authority is said to be implied when it is to be inferred from the circumstances of the case and things spoken or written or in the ordinary course of dealing may account for the circumstances of the case

6. An Agent having an authority to do an act has authority to do every lawful thing, which is necessary in order to do such act

7. The Agent in doing that act must neither do anything that is illegal, not beyond the limits of his own authority, nor beyond the powers of his Principal. An Agent has authority in an emergency to do all such acts for the purpose of protecting his Principal from loss as would be done by a person of ordinary prudence, in his own case under similar circumstance8. Several types of commercial agents have been recognized under Indian law, which includes inter alia brokers, auctioneers, del credere agents, persons entrusted with money for obtaining sales and insurance agents.
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