WebMar 25, 2024 · An agent has certain rights, duties and liabilities towards the principal and third parties depending upon the nature of business. Which is the first duty of an agent? The first duty of every agent is to act within the scope of the authority conferred upon him and perform the agency work according to the directions given by the principal. WebJul 31, 2024 · Section 182 of the Indian Contract Act defines the term Agent and principal, as per which, Agent is the person appointed by another person to represent in dealings or …

15.3: Duties of Agents and Principals - Business LibreTexts

WebRule: Agents have a fiduciary duty of loyalty which includes: i. Not actively exploiting their positions within the corp. for personal benefit ii. Hindering the ability of the corp. to conduct the business for which it was developed iii. Failing to inform the company that employers are forming a rival company iv. Webagency, in law, the relationship that exists when one person or party (the principal) engages another (the agent) to act for him—e.g., to do his work, to sell his goods, to manage his … small boat crisis uk

Duties of a Principal to an Agent - The Business Professor, LLC

WebFeb 17, 2024 · Duties of an Agent An agent’s primary responsibility is to establish contractual relationships between the principal and third parties. Depending on the nature of the company, an agent has specific rights, obligations, and liabilities toward the principal and other parties. WebThe principal owes the agent duties too. These may be categorized as contract and tort duties. The contract duties are to warn the agent of hazards associated with the job, to avoid interfering with the agent’s performance of his job, to render accounts of money due the agent, and to indemnify the agent for business expenses according to ... WebDuties of Principals and Agents Agents are required to act up to the following duties and standards: 1. Duty of loyalty: An agent owes his principal a general duty of loyalty. This means that the agent must subordinate his interests to those of the principal if they fall within … small boat covers cheap