Duties of an agent towards his principal. Duties of a Principal to an Agent 2022-10-11
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An agent is a person who is authorized to act on behalf of another person, known as the principal. The agent is responsible for representing the interests of the principal and carrying out tasks as instructed by the principal. As such, the agent has a number of duties towards the principal that must be fulfilled.
One of the primary duties of an agent is to act in the best interests of the principal. This means that the agent must prioritize the needs and goals of the principal over their own interests. The agent should also act with the level of care and diligence that a reasonable person would use in similar circumstances.
Another important duty of an agent is to maintain confidentiality. The agent should not disclose any information about the principal or their business without the express consent of the principal. This includes maintaining the privacy of any confidential documents or information that the agent may come into contact with during the course of their work.
The agent also has a duty to keep the principal informed of any developments or decisions that may affect their interests. This includes providing regular updates on the progress of tasks and any potential risks or issues that may arise.
In addition to these duties, the agent must also adhere to any instructions or guidelines provided by the principal. If the agent is unsure about any instructions or feels that they may be unethical or illegal, they should seek clarification from the principal before proceeding.
Finally, the agent must act loyally towards the principal and not engage in any activities that may conflict with the interests of the principal. This includes avoiding any actions that may benefit the agent personally at the expense of the principal.
In summary, the duties of an agent towards their principal include acting in the best interests of the principal, maintaining confidentiality, keeping the principal informed, following instructions, and acting loyally. By fulfilling these duties, the agent can effectively represent the interests of the principal and maintain a positive working relationship.
[Solved] 1. Discuss FIVE (5) duties of an agent towards his principal.
A gratuitous agent is not expected to exercise any special degree of skill. If the loss is partial like partial loss of sight , the recovery is decreased by the percentage still usable. ANSWER: C PAGES: Section 1 TYPE: N BUSPROG: Reflective AICPA: BB-Legal 2. The board accepts her recommendation and gives bob the loan. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Notice given to agent is notice to the principal Sec.
A duty not to divulge confidential information To maintain confidentially about any matters communicated to him as agent, and not to disclose them to prospective third parties or anyone else. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. If this happen, the principal is not under a duty to pay any commission to the agent. Nam risus ante, d facilisis. But most courts have liberalized the definition of injury and now recognize that psychological trauma can be real and that job stress can bring it on, as shown by the discussion of Wolfe v.
Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fiduciary Duties a Definition What is a fiduciary duty? Pellentesque dapibus efficitur laoreet. Hence even if the dynamite had been negligently stored by the employer rather than by a fellow employee, the claim would have been dismissed. Nam lacinia pulvinar tortor nec facilisis. The issues are: 1 Whether the contract between the principal and the agent exist? Lorem ipsum dolor sit amet, consectetur adipiscing elit. If there is an award of permanent disability as a result of the injury there shall be a presumption that disability existed immediately after the injury and compensation is to be paid for not to exceed the number of weeks allowed in the following schedule: 1 For loss of a thumb, 60 weeks.
Nam lacinia pulvinar tortor nec facilisis. Nam risus ante, dapibus a molestie consequ Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Lorem ipsum dolor sit amet, consectetur adipiscing elit. The loss of the first phalange and any part of the second phalange of a thumb which includes the loss of any part of the bone of such second phalange, shall be considered to be equal to the loss of the entire thumb. Nam lacinia pulvinar tortor nec facilisis. Nor may the agent use confidential information after resigning his agency. The rule with respect to delegation can be relaxed by express agreement between the parties.
Why does the law impose a fiduciary duty on the agent? To communicate with the principal Section 167 states, In cases of difficulty, an agent must use all reasonable diligence in communicating with and in seeking to obtain instructions from the principal. THE DUTIES OF THE AGENTS TO PRINCIPAL The duties of an agent depend primarily on the contract of agency if there is one. Old rule from Salford v Lever supra affected by Mahesan supra per Lord Diplock 383 in AC 5. Pellentesque dapibus efficitur laoreet. This doctrine, which has been much criticized, is discussed in Chapter 33. Claims that job stresses led to nervous breakdowns or other mental disorders were rejected. Pellentesque dapibus efficitur laoreet.
Pellentesque dapibus efficitur laoreet. If the principal has suffered loss as a result of the actions of the agent, he is entitled to claim damages. Liability when agent does not disclose his agency undisclosed principal The law relating to partnership is contained in the Indian partnership Act, 1932. A lecturer at an antialcohol clinic may be directed to refrain from frequenting bars. Nam lacinia pulvinar tortor nec facilisis.
Duties Of An Agent Towards His Principal Free Essay Example
Pellentesque dapibus eff usce dui lectus, congue vel laoreet ac, dictum vitae odio. By that also, this will ensure a good relationship and with trust between the agent and the principal. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. If the agent has actual notice or reason to know of information that is relevant to matters entrusted to him, he has a duty to inform the principal. It should be noted that, in many cases, a specific restraint of trade clause will be included in the agency agreement. I RIGHT OF REMMUNERATION: It is basic right of an agent. Generally, this means that an agent may not simultaneously represent the principal and another party to a transaction.
The Duties Of An Agent To Principal Summary Essay Example
Case Example : In Keppel v. On the last day of his student teaching, he walked into the locker room and thirty of his students grabbed him and tossed him into the swimming pool. According to Contracts Act 1950, section 135 provides that an agent is a person employed to do any act for another or to represent another in dealings with the third persons. Nam lacinia pulvinar tortor nec facilisis. Ann Arbor Public Schools, a University of Michigan student majoring in physical education was a student teacher in a junior high school. This makes the contract to be terminated or void. I am responsible for reporting and keeping accurate records regarding all money or value transferred or received in carrying out my job duties.
Nam or nec facilisis. C, before payment, becomes insolvent. Nam lacinia pulvinar tortor nec facilisis. In short, the agent may not lawfully do a sloppy job. Pellentesque dapibus efficitur laoreet. The law therefore prohibits an agent from using for his own purposes or in ways that would injure the interests of the principal, information confidentially given or acquired. Upon full disclosure, it is up to the principal to decide whether or not to proceed with the particular transaction.
When Sharp died, his family claimed the rights to the inventions on which Sharp held assignments and sued the company, which used the inventions, for patent infringement. Update Table of Contents What are the duties of an agent? Nam risus ante, dapibus a molestie consequat, ultrices ac magna. What is an Agent's Duty of Accounting? Identify and elaborate upon the duties that a principal owes to an agent. To know whether the contract between Saiful and Hasyim have terminated, this can be say, the contract is terminated or void. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Lorem ipsum dolor sit amet, consectetur adipiscing elit. But only, he does his duties.
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