Remedies when Agent makes secret profit

(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)

(MIA QE 2008/3 Q3, 20 marks)

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. ---

Earlier posts.
Sections 164 - 174 Contracts Act, 1950.