discuss the various modes of termination of an agency????
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Answer:
Expiry of time: Sometimes contract of agency may get formed for a selected period.
Fulfillment of object: Occasionally the contract of agency could also be found for a specific objective or to try and do a selected venture. In these type of cases, termination of agency occurs after the completion of the venture.
Death or lunacy of either party: Whenever principal or agent encounter death or lunacy, agency contract gets terminated.
Insolvency of the Principal: Principal should have the ability to contract. When person is unable to satisfy creditors or discharge liabilities, he is eligible for the capacity of Contract and termination of agency takes place.
Termination of agency by the act of Parties: The subsequent are the situations where the agency is terminated by the act of parties.
Termination of agency by the Agent: Agent can also terminate the agency contract by giving notice to principal but by doing so if principal comes across any suffering, agent needs to compensate.
Termination of agency by both the parties to the contract: By means of sympathy between principal and agent, the contract of agency may come to an end.
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Modes of termination of agency:-
- By revocation of authority by the principal.
- By renunciation of his authority by the agent.
- On the performance of the contract of the agency.
- On the death of either principal or agent.
- By insanity of either principal or agent