Category: BUSINESS LAW

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 …

PLEDGE The bailment of goods as security for payment of a debt or performance of a promise is called a ‘Pledge’. The bailor in this case is called as ‘Pawnor’. The bailee is called the ‘Pawnee’. example- A borrows rs. 100 from B and keeps his watch as security for payment of debt with B. The bailment of watch is Read More …