Page 118 - DMGT102_MERCANTILE_LAWS_I

Mercantile Laws-I Manpreet Kaur, Lovely Professional University

Notes Unit 9: Law of Agency

CONTENTS

Objectives
Introduction
9.1 Definition of Agent and Agency

9.1.1 Who can Employ Agent?
9.1.2 Who may be Agent?
9.2 Different Kinds of Agencies
9.2.1 Express Agency
9.2.2 Implied Agency

9.2.3 Agency by Estoppel
9.2.4 Agency by Holding Out
9.2.5 Agency of Necessity
9.2.6 Agency by Ratifi cation
9.2.7 Agency Coupled with Interest
9.3 Classification of Agents

9.3.1 Special and General Agents
9.3.2 Mercantile or Commercial Agents
9.3.3 Non-mercantile or Non-commercial Agents
9.3.4 Sub-agent and Substituted Agent
9.4 Duties and Rights of Agent
9.4.1 Duties of Agent
9.4.2 Rights of Agent
9.5 Principal’s Duties to the Agent and his Liability to Third Parties

9.5.1 Duties of a Principal
9.5.2 Liability of Principal to Third Parties
9.5.3 Undisclosed Principal
9.5.4 Concealed Principal
9.6 Personal Liability of Agent
9.7 Termination of Agency
9.7.1 Circumstances under which Agency Terminates or Comes to an End

9.7.2 When Termination of Agency takes Effect?
9.8 Powers of Attorney
9.8.1 A Power of Attorney may be Special or General
9.8.2 Registration

Contd...

112 LOVELY PROFESSIONAL UNIVERSITY