Contract Law

Topics: Agency law, Business law, Agency Pages: 2 (384 words) Published: June 22, 2013
Law of Agency – the Contracts Act 1950
Great Northern Railway Co v Swaffield states that where impossible to get principal’s instructions, the agent’s action is necessary to prevent loss and the agent has acted in good faith, an agency of necessity arises.

The Contracts Act 1950 states that an agent has to obey
principal’s instructions.

The Contracts Act 1950 states that an agent has to be careful, diligent and use any skill that he may have.

The Contracts Act 1950 states that an agent has to give proper accounts.

The Contracts Act 1950 states that an agent has to his
principal all sums received on his behalf.

The Contracts Act 1950 states that an agent has to communicate with principal.

The Contracts Act 1950 states that an agent cannot let his own interest conflict with his duty.

The Contracts Act 1950 states that an agent cannot make secret profit.

The Contracts Act 1950 states that an agent cannot disclose confidential matters.

The Contracts Act 1950 states that an agent cannot delegate authority, unless it falls within the exceptions.

Panorama Development(Guilford)Ltd v Fidelis Furnishing Fabrics Ltd states that an agent can have implied authority arising out of his position in a business, such as that of a company secretary.

Graphic Lines Pte Ltd v Chai Chee Mein states that apparent authority can arise where the principal makes a third party believe that the agent can act on his behalf.

[Termination of Agency (6)]
The Contracts Act 1950 states that an agency is terminated by operation of law by the performance of the contract of agency.

The Contracts Act 1950 states that an agency is terminated by...
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