Basic ingredients of the Contract of Agency
Basic ingredients of contract of agency are the followings:-
(i) A agent has a power on behalf of the principal to deal with third person so as to bind the principals.
(ii) Subject matter of the agency has to be dealt with as the property of the principal and not of the agent.
(iii) The agents act as intermediary for considerations.
(iv) The liability of the agent is always to account for the sale proceeds to the principal.