Which agency Cannot be revoked?

Which agency Cannot be revoked?

When an Agency is Irrevocable Where the agency is coupled with an interest, it does not come to an end even in the case of death or insanity or insolvency of the principal. When an agent has incurred personal liability, then the principal cannot revoke the agency, the agency becomes irrevocable.

What type of agency Cannot be revoked by the principal?

If the agency is coupled with an interest, the agency usually cannot be revoked by the principal before the expiration of the interest and is not terminated by the death or insanity of either the principal or the agent.

Can universal agency be revoked?

Such an agency cannot be revoked by the principal, nor can it be terminated on the principal’s death. The buyer becomes the principal, or the broker’s client.

When can an agency not be terminated?

Such type of agency is called agency coupled with interest or irrevocable agency. Example: (a) A gives authority to B to sell A’s land, and to pay himself, out of the proceeds, the debts due to him from A. A cannot revoke this authority, nor can it be terminated by his insanity or death.

Which agency can be terminated?

A contract of agency is a species of the general contract. As such, an agency may terminate in the same way as a contract is discharged except where the agency is irrevocable. The relation of principal and agent can only be terminated by the act or agreement of the parties to the agency or by operation of law[vi].

How may a contract of agency be revoked?

Contract of Agency may be extinguished either by revocation, by the withdrawal of the agent, by death, civil interdiction, insanity or insolvency of the principal or of the agent, by dissolution of the firm or corporation which entrusted or accepted the agency or accomplishment of the object or purpose of the agency.

When can irrevocable agency be revoked?

What is revocation of agency?

Revocation of authority comes under the termination of the contract of the agency which refers to ending the legal relationship between the principal and the agent. The principal and agent are the parties in a contract of agency, such a contract also has the involvement of a third party.

How the agency contract can be terminated?

An agency is terminated by the principal revoking his authority; or by the agent renouncing the business of the agency; or by the business of the agency being completed; or by either the principal or agent dying or becoming of unsound mind; or by the principal being adjudicated an insolvent under the provisions of any …

What is the manner upon which an agency may be revoked?

Under what circumstances an agency can be terminated?

Section 201 Termination of agency: An agency is terminated by the principal revoking his authority, or by the agent renouncing the business of the agency; or by the business of the agency being completed; or by either the principal or agent dying or becoming of unsound mind; or by the principal being adjudicated an …

What are the circumstances in which agency is terminated?

According to Section 201 of the Indian Contract Act, 1872, Termination of agency takes place in the following circumstances: By revocation of authority by the principal. By renunciation of his authority by the agent. On the performance of the contract of the agency.