Question: What Are The Duties Of Agent?

What are the rights and duties of agent?

Rights and Duties of Agent (Agency: Indian Contract Act,1872) Agent’s duty in conducting principal’s business (Section 211) : …

Skill and diligence required from agent (Section 212) : …

Duty to render proper accounts (Section 213) …

Duty to communicate with principal (Section 214) : …

Not to deal on his own Account : …

Not to make Secret Profits.More items….

What are the types of agent?

Recurring issues in agency law include whether the “agent” really is such, the scope of the agent’s authority, and the duties among the parties. The five types of agents include: general agent, special agent, subagent, agency coupled with an interest, and servant (or employee).

Which agent gets extra remuneration?

del credere agentA del credere agent is a person who ensures or guarantees his principal that the creditors of goods will pay for the goods they buy for extra remuneration. In the case of failure to pay by the third party, he needs to pay the due amount to his principal.

What is an example of an agent?

The definition of an agent is a person or group of people that represent another person or that takes action for other people. Someone who schedules appearances for a musical group is an example of an agent. One that acts or has the power or authority to act. … An author’s agent; an insurance agent.

What is agent and its types?

Agents can be grouped into four classes based on their degree of perceived intelligence and capability : Simple Reflex Agents. Model-Based Reflex Agents. Goal-Based Agents.

Who can be a agent?

According to Section 183, any person who has attained the age of majority and has a sound mind can appoint an agent. In other words, any person capable of contracting can legally appoint an agent. Minors and persons of unsound mind cannot appoint an agent.

What are the duties of Bailee?

The duty of the bailee is to return the goods without demand on the accomplishment of the purpose or the expiration of the time period. In case of his failure to do so, he shall be liable for the loss, destruction, deterioration, damages or destruction of goods even without negligence.

What are the 5 duties of an agent?

Terms in this set (5)Performance. Doing the job using reasonable skill.Notification. Obligation to keep principal informed.Loyalty. Act solely for the interest of the principal.Obedience. Follow all lawful orders.Accounting. Don’t mix personal assets with property of principal.

What are the 4 types of agents?

There are four main categories of agent, although you are unlikely to need the services of all of them:Artists’ agents. An artist’s agent handles the business side of an artist’s life. … Sales agents. … Distributors. … Licensing agents.

What are the rights duties and liabilities of insurance agent?

Rights, Duties & Liabilities of Agent to PrincipalConducting Principal’s Business.Requirement of Skill and Diligence.Submission of Accounts.Communicating with his Principal.Separation of Accounts.Payment of Sum.In Compliance with Lawful Instructions.Undue Advantage.More items…•

What are the duties of a life insurance agent?

Life Insurance Agent Job Description TemplateProvide advice to clients and recommend insurance products.Provide intermediary services between insurance companies and clients.Provide good customer service to maintain and retain clients.Expand customer base.Interview prospective clients to gather data about them.More items…•

What is the first duty of action for an agent?

loyaltyThe first duty is loyalty. The agent has an obligation of loyalty to the principal and must act with allegiance solely to the principal. Generally speaking, this means the agent must act with the principal’s best interests in mind.