anand law classes

  Q.11. Define the term Agency, Principal and agent.  What is a different kind of agent? What is Agency?   When one party delegates some authority to another party whereby the latter performs his actions in a more or less independent fashion, on behalf of the first party, the relationship between them is called an agency. Agency can be expressed or implied.  Chapter X  of the Indian Contract Act, 1872 deals with the laws relating to Agency. It is important to know the law relating to agency because nearly all business transactions worldwide are carried out through agency. All corporations, big or small, carry their work out through an agency. Therefore, laws relating to the agency are an important area of Business Law. Relationships relating to the principal and agent involve three main parties: The Principal, the Agent, and a Third Party. An "agent" is a person employed to do any act for another or represent another in dealing with a third person. The person for whom

  Q.10. Define the terms "Pledge", "pownee" and "pawnor" giving illustrations. What are rights of pownee and powner? Differentiate between Hypothecation and Pledge? 'Pledge' or 'Pawn' is a kind of bailment of goods with the object that those goods shall serve as a security for the payment of a debt or performance of a promise. The bailor is called the 'Pawnor' and the bailee is called the 'Pawnee' or 'Pledgee.' (Sec. 172). Essentials of pledge   For a valid pledge, there should be: (1) Delivery of the goods, 2) for the purpose that they serve as security for the payment of debt, etc.   (1) Delivery of goods. Since pledge is a bailment. the delivery of the goods from the pawnor to the pawnee is a must. Mere agreement to transfer possession in future is not enough. If the producer of a film agrees to deliver final prints of the film under production, when they are ready, to a financier distributor, it is n