THE INDIAN CONTRACT ACT, 1872

Agent’s duty to pay sums received for principal —Subject to such deductions, the agent is bound to pay to his principal all sums received on his account. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return Filing […]

Agent’s right of retainer out of sums received on principal’s account An agent may retain, out of any sums received on account of the principal in the business of the agency, all moneys due to himself in respect of advances made or expenses properly incurred by him in conducting such business,and also such remuneration as

Principal’s right to benefit gained by agent dealing on his own account in business of agency If an agent, without the knowledge of his principal, deals in the business of the agency on hisown account instead of on account of his principal, the principal is entitled to claim from the agent anybenefit which may have

Right of principal when agent deals, on his own account, in business of agency without principal’s consent —If an agent deals on his own account in the business of the agency, without firstobtaining the consent of his principal and acquainting him with all material circumstances which havecome to his own knowledge on the subject, the

Agent’s duty to communicate with principal —It is the duty of an agent, in cases of difficulty, to use all reasonable diligence in communicating with his principal, and in seeking to obtain his instructions. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice

Agent’s accounts An agent is bound to render proper accounts to his principal on demand Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return Filing | FSSAI Registration | Company Registration | Company Audit | Company Annual

Skill and diligence required from agen An agent is bound to conduct the business of the agency with as much skill as is generally possessed by persons engaged in similar business unless the principal has notice of his want of skill. The agent is always bound to act with reasonable diligence, and to use such

Termination of sub-agent’s authority The termination of the authority of an agent causes the termination (subject to the rules herein contained regarding the termination of an agent‟s authority) of the authority of all sub-agents appointed by him. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal |

Agent’s duty in conducting principal’s business An agent is bound to conduct the business of his principal according to the directions given by the principal, or, in the absence of any such directions, according to the custom which prevails in doing business of the same kind at the place wherethe agent conducts such business. When

Agent’s duty on termination of agency by principal’s death or insanity —When an agency is terminated by the principal dying or becoming of unsound mind, the agent is bound to take, on behalfof the representatives of his late principal, all reasonable steps for the protection and preservation of theinterests entrusted to him. Practice area’s of