Question

discuss in brief the various ways in which the relationship of agent created and terminated

Answer 1

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The principal and agent create an agency relationship. This is a business relationship where a principal gives legal authority to anagent to act on the principal's behalf when dealing with a third party. An agency relationship is a fiduciary relationship.

Termination of Agency by Operation of Law.-- Death or Insanity of Either Party: The agency is terminated when the agent or principal dies or becomes insane. On the death of either the agent or the principal, the agency is automatically terminated because a person cannot act on behalf of non-existent person.

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