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Indian Independence

When agent is...

Question

When agent is appointed to do all acts connected with a particular trade, business or employment, such agent is known as _______.

A

Special agent

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B

General agent

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C

Universal agent

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D

Mercantile agent

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Solution

The correct option is B General agent
A general agent is a person authorized to transact every kind of business for his principal. He acts as a representative of another, who has a mandate of general nature.

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Q. When agent is appointed to do all acts for the principal, such agent is known as _______.

Q. When an agent is appointed to perform a particular transaction, such an agent is known as _____.

Q. Where a person having no authority purports to act as agent, or a duly appointed agent exceeds his authority, the principal is not bound by the contract supposedly based on his behalf. But the principal may ratify the agents transaction and so accept liability. This known as ______.

Q. LEGAL PRINCIPLE: The master/principal is liable for all acts done by his duly appointed servant/agent for all acts done by him lawfully in the course of his employment.

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In which form of business organisation, every member acts both as an agent and as a principal?

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