Agent's right of retainer out of sums received on principal's account. 218. Agent's duty to pay sums received for principal. 219. When agent's remuneration becomes due. 220. Agent not entitled to remuneration for business misconducted. 221. Agent's lien on principal's property. 222. Agent to be indemnified against consequences of lawful acts. 223 Section 11 of The Indian Contract Act specifies that every person is competent to contract provided: He should not be a minor i.e. an individual who has not attained the age of majority i.e. 18 years in normal case and 21 years if guardian is appointed by the Court. Section 178 of Indian Contract Act 1872 : "Pledge by mercantile agent" 178. Where a mercantile agent is, with the consent of the owner, in possession of goods or the document of title to goods, any pledge made by him, when acting in the ordinary course of business of a mercantile agent, shall be as valid as if he were expressly authorised by the owner of the goods to make the same; provided that the pawnee acts in good faith and has not at the time of the pledge notice that the pawnor has no Indian Contract Act, 1872. 18 [178. Pledge by mercantile agent. Where a mercantile agent is, with the consent of the owner, in possession of goods or the documents of title to goods, any pledge made by him, when acting in the ordinary course of business of a mercantile agent, shall be The Indian Contract Act, 1872 defines an ‘Agent’ in Section 182 as a person employed to do any act for another or to represent another in dealing with third persons. Who is a Principal? According to Section 182 , The person for whom such act is done, or who is so represented, is called the “principal”. A factor is a mercantile agent to home goods are entrusted for sale. He enjoys Wide discretionary powers in relation to the sale of goods. A Factor is an agent who is entrusted with the possession and contract of the goods to be said by him for his Principal.
Agent's right of retainer out of sums received on principal's account. 218. Agent's duty to pay sums received for principal. 219. When agent's remuneration becomes due. 220. Agent not entitled to remuneration for business misconducted. 221. Agent's lien on principal's property. 222. Agent to be indemnified against consequences of lawful acts. 223
A mercantile agent who is in the possession of the goods or the documents to the title of the goods with the consent of the owner can pledge these goods while acting in the ordinary course of business. This pledge is as valid as if the owner of the goods expressly authorizes him to do so. Section 178 of Indian Contract Act 1872 : "Pledge by mercantile agent" 178. Where a mercantile agent is, with the consent of the owner, in possession of goods or the document of title to goods, any pledge made by him, when acting in the ordinary course of business of a mercantile agent, shall be as valid as if he were expressly authorised by the owner of the goods to make the same; provided that the pawnee acts in good faith and has not at the time of the pledge notice that the pawnor has no “Coercion” defined.—“Coercion” is the committing, or threatening to commit, any act forbidden by the Indian Penal Code (45 of 1860) or the unlawful detaining, or threatening to detain, any property, to the prejudice of any person whatever, with the intention of causing any person to enter into an agreement. indian contract (amendment) act, 1930 the section was repealed and the subject-matter of that section is now spread over the present ss. 178 and 178a of the contract act and s. 30 of the indian sale of goods act. the new section 178 of the contract act states: "where a mercantile agent is, with the consent of the owner, in possession of goods or the documents of title to goods, any pledge made by him, when acting.. them in good faith. the sellers sought to stop the cotton in transit. the "Coercion" is the committing, or threating to commit, any act forbidden by the Indian Penal Code (45 of 1860) or the unlawful detaining, or threatening to detain, any property, to the prejudice of any person whatever, with the intention of causing any person to enter into an agreement. The Indian Contract Act, 1872 makes statutory provisions governing rights and obligations of the principal and the agent. Definition of an agent under the statute: Section 182 defines “an agent” as a person employed to do any act for another or to represent another in dealings with third persons. The Mercantile Law in India developed with the enactment of the Indian Contract Act, 1872. Before this, all the commercials transactions were governed by the personal laws of the party to contract. For example Hindu Law, Mohammedan Law, etc. The first attempt to codify Mercantile Law in India was made by the Britishers in 1872 by the enactment of Indian Contract Act.
The Indian Contract Act, 1872 makes statutory provisions governing rights and obligations of the principal and the agent. Definition of an agent under the statute: Section 182 defines “an agent” as a person employed to do any act for another or to represent another in dealings with third persons.
31 Dec 2009 Types of Agent - Free download as Word Doc (.doc), PDF File (.pdf), Text File (.txt ) or read agents. They are classified as mercantile or commercial agents and non-mercantile or non- Agency Indian Contract Act 1872. 21 Feb 2019 Section 182 of the Indian Contract Act defines an “agent” as a person An auctioneer is a mercantile agent within the meaning of Section 2(9) To define mercantile law, you will need to go back to the early days of commerce and For example, a commercial agent is the same as a mercantile agent. mercantile law occurred in India in 1872, when the Indian Contract Act was passed. 21 Nov 2012 Sec 182 of the Indian contract act,1872 defines Agent and Principal as: Agent: They are classified as mercantile or commercial agents and of Agents · Discharge of a Contract by Breach · Fundamental Principles of Insurance Contract · January 6, 2011 Abey FrancisMercantile LawBusiness Law Mercantile Agent: As per section 2(9) of the Sale of goods act, 1930, a mercantile agent is a person who in the customary course of business has an agent’s authority either to sell or consign the goods for the purpose of sale or to buy goods or to raise money on the security of goods. A mercantile agent who is in the possession of the goods or the documents to the title of the goods with the consent of the owner can pledge these goods while acting in the ordinary course of business. This pledge is as valid as if the owner of the goods expressly authorizes him to do so.
“Coercion” defined.—“Coercion” is the committing, or threatening to commit, any act forbidden by the Indian Penal Code (45 of 1860) or the unlawful detaining, or threatening to detain, any property, to the prejudice of any person whatever, with the intention of causing any person to enter into an agreement.
A factor is a mercantile agent to home goods are entrusted for sale. He enjoys Wide discretionary powers in relation to the sale of goods. A Factor is an agent who is entrusted with the possession and contract of the goods to be said by him for his Principal. The course is on The Indian Contract Act, 1872 and is made keeping in view the needs of CA-CPT students. However, it may be useful for graduation students and anybody who wants to learn about the Indian Contract Act, 1872 as it covers all the basics and related portions. The Indian Contract Act 1872 - Mercantile Laws-Unacademy Plus
1. Short title.—This Act may be called the Indian Contract Act, 1872. —This Act may be called the Indian Contract Act, 1872." Extent, Commencement.—It extends to the whole of India 1 [except the State of Jammu and Kashmir]; and it shall come into force on the first day of September, 1872.
There may be a contract of sale between one part-owner and another. Mercantile Agent[edit]. A Mercantile Agent has the customary course of business as agent When an agent acts for his principal, he has the capacity of his principal. Indian Contract Act 1872 General Agent; Special Agent; Mercantile Agent. 1. Indian Contract Act, 1872. 18[178. Pledge by mercantile agent. Where a mercantile agent is, with the consent of the owner, in possession of goods or the “Mercantile Agent today plays a vital role in the transfer of goods from the A mercantile agent is a person who is appointed by those in business to act on debentures it is 2.5% (the maximum rates fixed by the Indian Companies Act, 1956). The existence of agents does not, however, require a whole new law of torts or contracts. A tort is no less harmful when committed by an agent; a contract is no