Our duties of agent people in a paragraph
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Answer:
In India, Section 182 of the Contract Act, 1872, defines “Agent is a person employed to do any act for another in dealing with third parties”. An agent in commercial law (also referred to as a manager) is a person who is authorized to act on behalf of another (called the principal or client) to create a legal relationship with a third party. The principal has to perform his/her own part of the agency in primarily two ways. The principal has to pay or where necessary indemnify the agent for the services rendered or expenses incurred respectively.
The Indian Contract Act of 1872, Sec.183 and 184 deals with the appointment of agent and who may be called as agent. There may be different kinds of agent such as banker, factor, advocate etc. According to the extent of authority there may be general, special, universal agent. There are various rights which are given to agent and they can also be sued on certain grounds. There are certain duties of agents such as execution of instructions, exercise of skill and care, act in good faith etc. Likewise principal also has certain duties such as payment of agent, indemnification of agent. Various case laws has been dealt to explain these matters .Agents owes fiduciary duties to the principal such as loyalty, confidentiality. A real estate broker who becomes an agent of a seller or buyer is deemed to be a fiduciary.
Agent is authorized to create a contract between his principal and third party. An agent can-be sued on his personal liabilities and the authority of an agent can be revoked.
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