AIBE VI — January 2014 — Q.49 | AIBE Prep

Q.49

Contract, Specific Relief, Property & NI Act Medium Knowledge-Based

The essence of a contract of agency is the agent’s-

✓ Representative capacity coupled with a power to affect the legal relations of the principal with third persons Answer

B Power and title to the property that is being dealt with

C Authority and status of dealing with the trade

D None of the above

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Explanation & Strategy

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Under the Indian Partnership Act, partnership is based on mutual agency — each partner is an agent of the firm and can bind all partners by acts done in ordinary course of business.

At a Glance

Subject Contract, Specific Relief, Property & NI Act

Difficulty Medium

Answer (A) Knowledge-Based

Paper AIBE VI — January 2014

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