AGENCY

Question 1

What are the 5 types of agents?

Answer 1

1. Brokers
2. Auctioneers
   3.Estate agents
   4.Insurance agents
   5.Del Credere

Question 2

What are the duties of an agent?

Answer 2

1. To adhere to the instructions of the principle.
2. To act honestly and in good faith
3. To display care, diligence and skill
4. To account

Question 3

What are the duties of the principle?

Answer 3

1. To pay the agreed remuneration
2. To account when necessary
3. To reimburse the agent for expenses incurred in the execution of his mandate.

Question 4

Termination occurs when..

Answer 4

1. Fulfillment of mandate/ performance - There is no remedy needed.
2. Death - there is no remedy needed.
3. Mutual Agreement - The parties can negotiate a settlement to cover the costs incurred up until the termination of the contract.
4. Effluxion of time
5. Breach of contract - the remedy is to claim damages, specific performance and cancelation.