Question

Explain the essential features of contract of agency

Answer 1

FEATURES OF CONTRACT OF AGENCY 1. FEATURES OF CONTRACT OF AGENCY 1. The principal should be competent to contract. ... Since in an agency, the agent creates a contractual relationship between his principal and the third persons, it is necessary that the principal and the third person should be competent to contract.

Answer 2

Answer:

In simple words a contract which creates the relationship of 'principal and Agent is called Contract of Agency. Section 182 of the Indian Contract Act defines Principal and Agent as follows : An “agent” is a person employed to do any act for another, or to represent another in dealing with third persons