Welcome

S. M. Mehedi Hasan 001

009Mizanur Rahman

Abdullah all Masum

Irin Sultana

Salma Nasrin

023036

057

*Law of Agency

We will cover ….. Agent

Principal

Power of attorney

The differences between servant and agent

Agent and bailee

Methods of creating agency

Termination of Agency

1

2

3

4

5

6

7

• An agent is a person employed to do any act for another or to represent another in dealings with third persons.

Agent

Principal

Power of Attorney

The person for whom such act is done or who is so represented is called the principal.

An agent may be appointed by the principal executing a written and stamped document. Such a document is called power of attorney.

Power of Attorney

Special General

Agent & Servant Differences………

Agent An agent is to exercise his authority in accordance with the principal’s

instructions.

An agent is appointed and employed to bring the principal into contractual

relationship with third parties

An agent can bind the principal to the third parties

Servant A servant has to act

according to the orders of the master in every

particular.

The servant cannot do that

A servant cannot do so.

The mood of remunerations of an agent may vary

An agent is liable for wrong done

An agent may work for several principals

A servant is generally paid through wages

A master is liable for the wrong of his servant.

A whole time servant serves only one master

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Agent & Bailee Differences…………

An agent may not have possession of any goods or properties of the principal.

An agent has that authority

Agent is already agent

Agent The bailee has possession of goods of the bailer

The bailee has no power to create any contractual relationship with the third party

Under certain circumstances a bailee may act as an agent

Bailee

Method of creating agency

Agency by express agreement

Agency by Implied agreement

Agency by estoppel or by holding out

Agency of necessity

Agency by ratification

• A contact of agency may be created by expressed agreement. The agreement may be either oral or written.

• An agency agreement may be implied under certain circumstances from the conduct of the parties or the relationship between them

Agency by express agreement

Agency by Implied agreement

There are three possible cases of agency by estoppel:

Agency by Implied agreement Agency by estoppel or by holding out

A person can be held out as an agent although he is not actually not so.

A person acting as an agent may be held out as having more authority than he actually has.

A person may be held out as agent after he has ceased to be so.

a

b

c

Agency is created when the following conditions are fulfilled;

Agency of necessity

It must be impossible to

get the principals

instruction

There must be an actual

necessity for acting on his

behalf .

The agent of necessity must act honestly in the interest of

the parties concerned..

• Ratification means the subsequent adoption and acceptances of an act originally done without instruction or authority.

• Ratification may be expressed or implied.

Agency by ratification

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Termination of Agency

Termination

Termination by operation of law

Termination by act of parties

• The principal may, by notice, revoke the authority of the agent. The agent may similarly, by notice, renounce the business of agency.

Revocation and renunciation

• When an agency is revoked or renounced without sufficient cause, compensation must be paid to the injured party

Compensation for revocation or

renunciation • The principal can’t revoke the authority of the agent in the some cases

Irrevocable agency

Termination by act of parties

The ways are…

• Efflux of time • Performance of the object• Determination of subject-matter• Death or insanity of the principal or agent• Insolvency of the principal• The principal becoming an alien enemy• Termination of the sub-agent’s authority

Termination by operation of law

Agent’s duties to principal

• Agents duty in conducting principals business

• Skill and diligence required from agent• Agents duty to render accounts• Agents duty to communicate to

principal• Agent not to deal on his own account• Principal to get benefit of agent’s

dealings• Agents duty to pay sums received for • Principals• Principals death or insanity• Miscellaneous

The duties

009

Mizanur Rahman

Principal’s duties to agent

The duties

…..

Agent to be identified against consequences of

lawful acts

Agent to be indemnified

against consequences of acts done in

good faith

Non liability for

criminal acts

Compensation for principal’s

neglect

Agents rights

• Enforcements of rights• Agent’s rights of

retainer• When agent’s

remunerations becomes due

• Agent not entitled to remuneration for business misconducted

• Agent’s lien

Agent’s Right

Thanks