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Agency (Rights & Duties of An Agent (To obey the principal's…
Agency
Rights & Duties of An Agent
To obey the principal's instructions
To act according to custom when instruction are not given
To exercise care, skills & diligence
To render proper accounts
To pay to his principal all sums received on behalf of the principal
To communicate with the principal
Agent must not let his own interest to conflict with his duty
Not make any secret profit
Not to disclose confidential information or documents
Not to delegate his authority
Termination
Agreement
Revoking agent's authority
Agent's renunciation
Performance
Operation of law
Frustration
Formation
Direct Appointment
Ratification
Implied Appointment
Estoppel
Necessity
Types of Agency
Broker
A Del Credere
Auctioneer
Factor
Banker
Rights & Duties of a Principal
To pay commission or remuneration
Not to willfully prevent or hinder the agent from earning his commission
To indemnify & reimburse the agent
Definition
relationship which subsists between the principal & agent
contract between principal & agent
contract between principal & 3rd party