The general duty owed by the agent encompasses the sorts of obligations any employee might have:
the duty of skill and care, of good conduct
, to keep and render accounts, to not attempt the impossible or impracticable, to obey, and to give information.
What are the 5 duties of an 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 obligations of an agent?
— An
agent must obey all lawful orders and instructions of the principal within the scope of the agency
. If he fails to do so, he becomes liable for any loss the principal incurs even though he can show that he acted in good faith or exercised reasonableness.
What are the main principles of agency?
Agency theory focuses upon
relationships between parties where one delegates some decision-making authority to the other
. The principal would delegate some decision making authority to the agent who, in turn, would be responsible for maximizing the principal’s investment in exchange for an incentive, such as a fee.
What are the 4 duties of an agent?
What are the duties of an agent? Agents generally have the following duties to the principal:
Loyalty, Care, Obedience, and Accounting
.
What are the types of agent?
- Artists’ agents. An artist’s agent handles the business side of an artist’s life. …
- Sales agents. …
- Distributors. …
- Licensing agents.
What are the rights and duties 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)
How do you end an agency relationship?
- Completion of an Objective. …
- Mutual Agreement. …
- Client Initiation. …
- Prearranged Duration. …
- Death of Principal or Agent.
Who can be an agent?
According to Section 183,
any person who has attained the age of majority and has a sound mind
can appoint an agent. In other words, any person capable of contracting can legally appoint an agent. Minors and persons of unsound mind cannot appoint an agent.
What are the rights and duties of principal?
- He can enforce the various duties of an agent.
- He can recover compensation for any breach of duty by the agent.
- He can forfeit agent’s remuneration where the agent is guilty of misconduct in the business of agency.
What are the 5 types of agents?
The five types of agents include:
general agent, special agent, subagent, agency coupled with an interest, and servant (or employee)
.
What are the elements of agency?
Parsing this definition reveals three primary elements of an agency relationship:
(1) consent by the principal and the agent; (2) action by the agent on behalf of the principal; and (3) control by the principal
.
Who is not eligible for contract?
Minor
is not eligible to enter into a contract. Minors are individuals who are under the age of 18. Minors are not considered to have legal capacity, meaning they do not have the ability to make contracts with other people. If a minor signs a contract, they have the ability to void the deal with certain exceptions.
What is special about a universal agent?
What is special about a universal agent? A universal
agent has power of attorney
. … A universal agent has power of attorney. The authority to act for another person in specified or all legal or financial matters.
What is estoppel agent?
Agency by Estoppel: If a principal (NOT THE AGENT)
holds out to a third party that another is authorized to act on the principal’s behalf
, and the third party deals with the other person accordingly, the principal may not later deny that the other was the principal’s agent for purposes of dealing with that third party.
What are the agents responsibilities in this relationship?
An agent has a
strict obligation to carry out the instructions of a principal
. An agent is required to exercise their obligations and judgment in the best interests of the principal. An agent is normally unable to delegate its power to act on behalf of the principal to another party.
