LAW OF INSURANCE NATURE OF THE CONTRACT Insurance is an important part of modern life. Individuals and businesses take out insurance to protect themselves from loss that may occur due to damage to property or loss of life. What is insurance? This is a contract whereby a party known as the insurer undertakes, in consideration […]
TERMINATION OF AGENCY An agency relationship may terminate in any of the following ways: – Agreement Where the relationship is consensual, the parties therefore may enter into a new agreement to discharge the agency. Their mind must be ad idem Withdrawal of Consent This is termination of agency at the option of other party. The
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AUTHORITY OF AN AGENT The principal is only liable if the agent was acting within the scope of his authority. Authority implies permission to do or engage in a particular act. It differs from power which is a legal concept. Whereas authority creates power, power may exist without authority. Though the two concepts are at
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AGENCY BY PRESUMPTION OR COHABITATION This is another category of agency presumed by law. It is presumed where a man and woman are living together in circumstances which portray them as husband and wife, the woman is presumed to be an agent and can pledge the man’s credit for necessaries. Marriage is not essential for
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