Contract of Agency
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for Banking Regulations and Business Laws — CAIIB.
One-liners from this chapter
Free sample — 8 of 66 rapid-fire Q&A cards.
Who is an 'agent' under the Indian Contract Act, 1872?
An agent is a person employed to do any act for another or to represent another in dealings with third persons, as defined under Section 182 of the Indian Contract Act, 1872.
What is the legal definition of 'agency' under the Indian Contract Act, 1872?
Relationship where one person acts on behalf of another.
Who is a 'principal' in the law of agency?
A principal is the person on whose behalf the agent acts and who is represented by the agent in dealings with third parties.
Which sections of the Indian Contract Act, 1872 govern the law of agency?
Sections 182 to 238 govern agency law.
What is the minimum age requirement for a person to appoint an agent?
Any person who has attained the age of majority and is of sound mind can appoint an agent; a minor or person of unsound mind cannot be a principal.
What is 'agency by holding out' and how does it arise?
Agency arising when principal's conduct creates impression of authority.
Can a minor act as an agent under the Indian Contract Act?
Yes, a minor can act as an agent and bind the principal to third parties, though the minor is not personally liable to the principal for acts done on behalf of the principal.
What is meant by 'general agent' in the law of agency?
Agent authorized to act in all transactions of a particular kind.
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