Principal And Agent - Law Dictionary Search Results
agent
agent 1 : someone or something that acts or exerts power : a moving force in achieving some result 2 : a person guided or instigated by another in some action [where the heads of departments are the political…s of the executive, merely to execute the will of the president "Marbury v. Madison, 5 U.S. 137 (1803)"] see also innocent agent 3 a : a person or entity (as an employee or independent contractor) authorized to act on behalf of and under the control of another in dealing with third parties see also agency, fiduciary relationship, subagent compare fiduciary, principal, servant apparent agent : an agent acting under an agency by estoppel bar·gain·ing agent : a labor union that represents the employees in a bargaining unit in negotiating with their employer through collective bargaining business agent : an agent that handles business affairs for another person or organization ;esp : a paid official of a union who carries on union business between the employ...
Vicarious responsibility
Vicarious responsibility. A principal is liable for acts of his agent within the scope of his mandate. If A., an innocent principal, by B. his agent to report, misleads C., his selling agent, and C., relying on the report, innocently misleads the buyer, the latter may recover damages against the principal for deceit if B.'s report was reckless and untrue, London County Freehold, etc. Properties, Ltd. v. Berkeley Pro-perty, etc. Co. Ltd., 155 LT 190. The knowledge of the principal and his agent is one, Pearson v. Dublin Corporation 1907 AC 351; although the functions may have been divided and one only of the con-stituents has been guilty, the mind, and with it the guilt, if any, and the act are collectively the principal's, and his responsibility. Qui facit per alium facit per se....
Agent and servant
Agent and servant, an agent has to be distinguished on the one hand from a servant and on the other from an independent contractor. A servant acts under the direct control and supervision of his master and is bound to conform to all reasonable orders given in the course of his work.... An agent though bound to exercise his authority in accordance with all lawful instructions which may be given to him from time to time by principal, is not subject in its exercise to the direct control or supervision of the principal, Qamar Shaffi Tyabji v. CEPT, AIR 1960 SC 1269 (1271): (1960) 3 SCR 546.A servant acts under the direct control and supervision of the master, and is bound to conform to all reasonable orders given to him in the course of his work...An agent though bound to exercise his authority in accordance with all lawful instructions which may be given to him from time to time by his principal , is not subject in its exercise to the direct control or supervision of the principal, Chandi...
Contract note
Contract note, a short statement of the effect of a contract. The expression is defined ins. 77(3) of the Finance (1909-10) Act, 1910, as follows:--For the purposes of this Part of this Act, the expression contract note' means the note sent by a broker or agent to his principal, or by any person who by way of business deals, or holds himself out as dealing, as a principal in any stock or market-able securities, advising the principal or the vendor or purchaser, as the case may be, of the sale or purchase of any stock or marketable security, but does not include a note sent by a broker or agent to his principal where the principal is himself acting as broker or agent for a principal, and is himself either a member of a stock exchange in the United Kingdom or a person who bona fide carries on the business of a stockbroker in the United Kingdom, and is registered as such in the list of stockbrokers kept by the Commissioners.The same s. imposes stamp duties on contract notes varying with t...
Signature
Signature, a sign or mark impressed upon anything; a stamp, a mark; the name of a person written by himself either in full or by initials as regards his Christian name or names, and in full as regards his surname, or by initials only [In the goods of Blewitt, (1880) 5 PD 116], or by mark only, though he can write, Baker v. Dening, (1838) 8 Ad&E 94.Signature is required to authenticate a will (see WILL), a deed after 1925 (Law of Property Act, 1925, s. 73), a guarantee and other documents mentioned in the Statute of Frauds (see FRAUDS, STATUTE OF), and a risk note within the meaning of the seventh s. of the Railway and Canal Traffic Act, 1854 (see RISK NOTE). Pleadings must be signed by counsel if settled by him, and if not, by the solicitor or the party; R.S.C. 1883, Ord. XIX., r. 4. No fee to counsel is allowed on taxation unless vouched by his signature, Ibid., Ord. LXV., r. 27, reg. 52.When signature by an agent is permissible, the writing of the name of the principal by the agent i...
Universal agent
Universal agent, one who is appointed to do all the acts which the principal can personally do and which he may lawfully delegate the power to another to do. Such an universal agency may potentially exist, but it must be of the rarest occurrence. And indeed it is difficult to conceive of the existence of such an agency practically, inasmuch as it would be to make such an agent the complete master, not merely dux facti but dominus rerum the complete disposer of all the rights and property of the principal. The law will not from general expressions, however broad, infer the existence of any such universal agency; but it will rather construe them as restrained by the principal business of the party in respect to which it is presumed his intention to delegate the authority was principally directed, Story's Agency, 18....
Commission Agent or Broker
Commission Agent or Broker, means a person who in the ordinary course of business makes contracts for the sale or purchase of excisable goods for others. [Central Excise Act, 1944 (1 of 1944), s. 2 (aaa)]In commerce, the order by which anyone traffics or negotiates for another; also, and much more frequently, the percentage given to factors or agents for transacting the business of others.Earning Commission.--Commission may be earned by bringing contracting parties together, although an actual contract may not be made, Green v. Bartlett, (1863) 32 LJCP 261. From a contract to employ for a time certain on commission may be implied a contract to give opportunity to earn the commission throughout the time, Turner v. Goldsmith, 1891 (1) QB 544; Warren v. Agdeshman, 38 TLR 588].Commission from the other Party.--That an agent employed by his principal to sell or otherwise to negotiate with another take a pecuniary or other benefit from that other for himself as part of the negotiation, expre...
Factor
Factor [fr. facteur, Fr.], a substitute in mercantile affairs; an agent employed to sell goods or merchandise consigned or delivered to him by or for his principal, for a compensation commonly called factorage or commission. Hence he is often called a commission-merchant or consignee; and the goods received by him for sale are called a consignment. He is a home factor when he resides in the same state or country with his principal, and a foreign factor when he resides in a different state or country. He differs from a broker in this, and he may buy and sell in his own name, and is entrusted with the possession and disposal of the goods, and has a special property in, and a lien on, them; yet neither can delegate his authority, unless conferred by usages of trade or the assent of his principal. Factors have no incidental authority to barter goods, or to pledge them for advances made to them on their own account, or debts due by themselves; but they may pledge them for advances made on a...
Actual authority
Actual authority, means the authority that a principal intentionally confers on an agent, including the authority that the agent reasonably believes he or she has as a result of the agent's dealings with the principal. Actual authority can be either express or implied, Black Law Dictionary, 7th Edn., p. 27....
Dealer, auction
Dealer, auction, a person who in the normal course of his business attends sales by auction for the purpose of purchasing goods with a view to reselling them, Auctions (Bidding Agreements) Act, 1927, s. 1(2) (UK), Halsbury's Laws of England (2), para 944, p. 461.means a person carrying on the business of selling fertilisers, whether wholesale or retail (or industrial use), and includes a manufacturer and a pool-handling agency carrying on such business and the agents of such person, manufacturer or pool-handling agency, State of Punjab v. Gunomajra Cooperative Agriculture Service Society Ltd., (2000) 9 SCC 210.There is nothing either in the main definition in s. 2(5) or in the Explanation of the Orissa Taxation (on Goods Carried by Road and Inland Water ways) Act, 1959 to suggest that the manager or agent of the dealer (principal) should have his own business within the State of Orissa before he could be proceeded against or assessed under the Act. It would be sufficient if the manager...
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