krotresume.blogg.se

• AGENT VS PRINCIPAL DEFINITION CODE

"A person is said to be of sound mind for the propose of making aĬontract, if, at the time when he makes it, he is capable of Section 12 of the Indian Contract Act, 1872 defines the term Sound mindas In England, the age of Majority is 18 years. The Minority extends to 21 years if a guardian of a minor's person or

Read on for tricks to remember the difference. Principal can be both a noun and an adjective referring to something very important, or frequently, the head of a school.

AGENT VS PRINCIPAL DEFINITION CODE

The first is only a noun and refers to code or laws that govern the universe or ones behavior. Under Section 183 of The Indian Contract Act, 1872: Any Person may appoint an agent who is: -Īccording to Section 3 of the Indian Majority Act, 1875, A person is deemed to have attained the age of Majority when he completes the age of 18 years, and not before. Principle and principal are often confused for one another. In simple words, any person who is a major and sound mind may appoint an agent. The principal paying agent is responsible for collecting the money due from the issuer and for coordinating the distribution of payments through the sub-paying agents, to the holders of the issue. Section 182 of the Indian Contract Act makes it clear that an Agent is a person employed to do any act for another to represent another in dealing with the third person.Īccording to Section 183 of the Indian Contract Act 1872, Any person who is of the age of majority according to the law to which he is subject, and who is of sound mind, may employ an agent. Such act is done, or who is so represented, is called the “principal”. Represent another in dealing with third persons. Section 182 of the Indian Contract Act 1872 defines "Agent" and "Principal" as follows:Īn “agent” is a person employed to do any act for another or to The relation between 'A' and 'B' is called Agency.

'A' appoints 'B' to buy 50 bags of Wheat on his behalf, Here 'A' is Principal and 'B' is Agent. The person who appoints another person is called 'Principal' and the person, who is appointed is called 'Agent' In a contract of Agency, a person appoints another person to act on his behalf with a third party. Agency is the Legal relationship between an Agent and Principal.