What is gratuitous agent?
An agent who receives no compensation for services. Real estate agents typically work on a payment basis contingent on selling a property. Even though unpaid, the agent still owes full fiduciary or statutory duties to the principal.
Is gratuitous agent obligated to render promised performance?
The agent has a duty to perform: Lawful obligations under the agency. Generally, a gratuitous agent is not liable for non-performance even if he has promised to perform except he voluntarily assumes his duties.
Are gratuitous agents liable?
According to the law of agency, an agent receiving compensation must exercise ordinary care; a gratuitous agent or one serving without pay is only required to exercise slight care or as it is sometimes stated he is only liable for gross negligence.
What is a gratuitous agent in business law?
An agent who acts without compensation, but who still owes full fiduciary responsibilities to his or her principal.
Who of the following is a gratuitous agent?
A gratuitous agent is a person who is not paid by a principal for the work s/he does. A person who acts as a gratuitous agent can never be forced to work as an agent. However, a person acting as a gratuitous agent has to follow a principle of good faith.
Who is a Del Credere agent?
An agent who is required by the principal to enter into a guarantee of the debts to the principal of customers whom he finds for the principal with whom he concludes contracts on behalf of the principal.
What are the rights of agent?
Rights of an agent Right to remuneration– an agent is entitled to get an agreed remuneration as per the contract. Right of lien– an agent has the right to hold back or retain goods or other property of the principal received by him, till the time his dues or other payments are made.
What is estoppel agency?
Agency by Estoppel: If a principal (NOT THE AGENT) holds out to a third party that another is authorized to act on the principal’s behalf, and the third party deals with the other person accordingly, the principal may not later deny that the other was the principal’s agent for purposes of dealing with that third party.
Are all agents employees?
All employees are agents, but not all agents are employees. There are two essential characteristics that distinguish employees from agents. First, an employee must be a human being as compared to artificial or electronic agent. Second, an employer has more control over an employee than over an agent.
Who pays Credere commission?
A del crede commission is a commission which is paid as direct commission instead of paying through someone else. Del Crede commission is that of a surety who is liable to the principal should the purchaser make default.
What is purpose of paying del Credere commission?
It is a special commission given by the consignor to the consignee. To increase the sale and to encourage the consignee to make credit sales, the consignor provides an additional commission generally known as del-credere commission.