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Section 216 - Principal's right to benefit gained by agent dealing on his own account in business of agency, Section 217 - Agent's right of retainer out of sums received on principal's account : Indian Contract Act 1872

 

What is Principal's right to benefit gained by agent dealing on his own account in business of agency? What is Agent's right of retainer out of sums received on principal's account? Section 216 and 217 of Indian Contract Act 1872

Section 216 of Indian Contract Act 1872 : "Principal's right to benefit gained by agent dealing on his own account in business of agency"

216. If an agent, without the knowledge of his principal, deals in the business of the agency on his own account instead of on account of his principal, the principal is entitled to claim from the agent any benefit which may have resulted to him from the transaction.

Illustration
A directs B, his agent, to buy a certain house for him. B tells A it cannot be bought, and buys the house for himself. A may, on discovering that B has bought the house, compel him to sell it to A at the price he gave for it.

Section 217 of Indian Contract Act 1872 : "Agent's right of retainer out of sums received on principal's account"

217. An agent may retain, out of any sums received on account of the principal in the business of the agency, all moneys due to himself in respect of advances made or expenses properly incurred by him in conducting such business, and also such remuneration as may be payable to him for acting as agent.

 

INDIAN CONTRACT ACT 1872

Section 206 - Notice of revocation or renunciation

Section 207 - Revocation and renunciation may be expressed or implied

Section 208 - When termination of agent's authority takes effect as to agent, and as to third persons

Section 209 - Agent's duty on termination of agency by principal's death or insanity

Section 210 - Termination of sub-agent's authority

 

 

Agent's duty to Principal

Section 211 - Agent's duty in conducting principal's business

Section 212 - Skill and diligence required from agent

Section 213 - Agent's accounts

Section 214 - Agent's duty to communicate with principal

Section 215 - Right of principal when agent deals, on his own account, in business of agency without principal's consent

 

 

Section 216 - Principal's right to benefit gained by agent dealing on his own account in business of agency

Section 217 - Agent's right of retainer out of sums received on principal's account

Section 218 - Agent's duty to pay sums received for principal

Section 219 - When agent's remuneration becomes due

Section 220 - Agent not entitled to remuneration for business misconducted

 

 

Section 221 - Agent's lien on principal's property

Principal’s duty to agent

Section 222 - Agent to be indemnified against consequences of lawful acts

Section 223 - Agent to be indemnified against consequences of acts done in good faith

Section 224 - Non-liability of employer of agent to do a criminal act

Section 225 - Compensation to agent for injury caused by principal's neglect

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