Category: B.COM NOTES

CLASSIFICATION OF AGENT On the basis of extent of authority :   Specific or particular agent: Specific or particular agent is an agent who is appointed to do a single act for the principal. His authority ends after the particular act is performed. General agent: General agent is an agent who is appointed to do all or general acts concerning Read More …

Ratification means the subsequent adoption and acceptance of an act originally done without instruction or authority. Soon after ratification, the person who has done the activity becomes agent and that person who has given ratification becomes principal. Example:  Anshul buys 5 bags of wheat on behalf of Ankul although Ankul did not appoint Anshul as his agent. On hearing this Read More …

Who is an agent and a principle (Sec. 182) An “agent” is a person employed to do any act for another, or to represent another in dealing with third  persons. The person for whom such act is done, or who is so represented, is called the “principal”. The relationship between an agent and a principal is called an “Agency.” An Read More …

There are certain circumstances in which non-owners can make a valid pledge. these are – 1.Mercantile agent (sec 178) – A mercantile agent is an agent having the right to buy/sell goods on behalf of his Principal and can consign goods for the purpose of sale or raise money on the security of goods. Such agent with the consent of Read More …