(a) What are the duties of an agent in an agency relationship? (5 marks)
(b) State the remedies of the principal if the agent makes a secret profit. (5 marks)
(c) Define a partnership agreement as stated in the Partnership Act, 1961. (5 marks)
(d) What are the circumstances in which a partnership may be dissolved with reference to the Partnership Act 1961 and decided cases? (5 marks)
(a) Duties of agent are posted earlier at:
Duties of agents
D02 2014 Q7 Responsibilities of Principals and Agents
Agent's duty to principal according to Contracts Act 1950.
Agent's duties to Principal CA50, complete answer.
MIA QE 2008/3 Q3 (a) duties of an agent in an agency relationship.
MIA QE 2010/3 Q3 (a)(i) duties that the law imposes on an agent towards his principal.
MIA QE 2011/3 Q4 (b) 5 of the duties of an agent towards his principal.
MIA QE 2013/9 Q2 (d) 3 of the duties of an agent towards his principal by citing the corresponding statutory provisions.
Instead, Duties of Principal towards agent is posted earlier MIA QE 2011/9 Q3c.
To answer this question based on the Contracts Act, 1950 sections below are referred:
Agent's duty to Principal
S.164 Agent's duty in conducting principals's business.
S.165 Skill and diligence required from agent.
S.166 Agent's account.
S.167 Agent's duty to communicate with principal.
S.168 Right of principal when agent deals, on his own account, in business of agency without principal's consent.
S.169 Principal's right to benefit gained by agent dealing on his own account in business of agency.
S.170 Agent's right of retainer out of sums received on principal's account.
S.171 Agent's duty to pay sums received for principal.
S.172 When agent's remuneration becomes due.
S.173 Agent not entitled to remuneration for business misconducted.
S.174 Agent's lien on principal's property.
(c) --- Not within Syllabus. ---
(d) --- Not within Syllabus. ---
Sections 164 - 174 Contracts Act, 1950.