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27/12/2020

What are the rights of agent?

What are the rights of agent?

Rights of an agent Right to remuneration– an agent is entitled to get an agreed remuneration as per the contract. Right of lien– an agent has the right to hold back or retain goods or other property of the principal received by him, till the time his dues or other payments are made.

What are the rights of an agent in an agency relationship?

As per section 219, an agent has a right to receive the agreed remuneration or in absence of agreement, a reasonable remuneration for rendering the services to the principal that are not voluntary or gratuitous. He becomes eligible to receive the remuneration as soon as he completes the work that he undertook.

What are the rights and duties of an agent?

Rights of an Agent

  • 1) Right to Receive Remuneration.
  • 2) Right of Lien (Section221)
  • 3) Right to Indemnity.
  • 4) Right to Compensation :
  • 1) Agent’s duty in conducting principal’s business (Section 211) :
  • 2) Skill and diligence required from agent (Section 212) :
  • 3) Duty to render proper accounts (Section 213)

What are the rights of principal in an agency?

(1)He can enforce the various duties of an agent. (2) He can recover compensation for any breach of duty by the agent. (3) He can forfeit agent’s remuneration where the agent is guilty of misconduct in the business of agency. (4) Principal is entitled to any extra profit that the agent has made out of his agency.

What are the rights and duties of the principal and the agent in an agency relationship?

A principal owes certain contractual duties to his/her agent. A principal’s primary duties to his/her agent include: To compensate the agent as agreed; and. To indemnify and protect the agent against claims, liabilities, and expenses incurred in the agent correctly discharging the duties assigned by the principal.

What are the rights and liabilities of principals and agents?

An agent is liable to a principal when he/she acts without actual authority, but with apparent authority. An agent is liable to indemnify a principal for loss or damage resulting from his/her act. A principal owes certain contractual duties to his/her agent.

What are the duties of an agent?

DUTIES OF AGENT

  • Duties to follow Instructions or Customs:
  • Duty of reasonable care and skill.
  • DUTY TO AVOID CONFLICT OF INTEREST.
  • Duty not to make secret profit:
  • Duty to remit sums.
  • Duty to maintain Accounts:
  • Duty not to delegate.

What are the duties of principal?

The role of the Principal is to provide leadership, direction and co-ordination within the school. The Principal’s main focus should be to develop and maintain effective educational programs within his/her school and to promote the improvement of teaching and learning with his/her school.

What are principal and accessory rights?

Principal and Accessory Rights The principal right is the most important rights. They are the basic right that is vested on an individual. The accessory right is the consequential or incidental right. They are not important but they are ostensible to basic right.

What is one of the duties of an agent?

Agents generally have the following duties to the principal: Loyalty, Care, Obedience, and Accounting.

What are the rights and responsibilities of an agent?

Rights of an Agent: An agent is authorized to act on behalf of his principal and has power to create legal relations between the principal and third party.An agent can serve two or more principals at a time.An agent can act freely.

How is law of Agency governs legal relationship?

The law of agency thus governs the legal relationship in which an agent deals with a third party for his/her principal. An agent owes certain duties towards his/her principal and a principal owes certain duties towards his/her agent. The scope of an agent’s duty to the principal is determined by:

What makes an agent an agent of a principal?

An agency is the creation of a contract entered into by mutual consent between a principal and an agent. By agency, a principal grants authority to an agent to act on behalf of and under the control of the principal.

When does an agent act within the scope of actual authority?

When an agent acts within the scope of actual authority, the principal is liable to indemnify the agent for payments made during the course of the relationship irrespective of whether the expenditure was expressly authorized or merely necessary in promoting the principal’s business.