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SS2: COMMERCE - 3RD TERM

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  1. Business Law | Week 1
    5 Topics
    |
    1 Quiz
  2. Agency | Week 2
    7 Topics
    |
    1 Quiz
  3. Sale of Goods | Week 3
    5 Topics
  4. Rights of an Unpaid Seller and Buyer, Hire Purchase | Week 4
    3 Topics
    |
    1 Quiz
  5. Rights and Obligations of Employer and Employee | Week 5
    1 Topic
    |
    1 Quiz
  6. Government Regulation of Business | Week 6
    1 Topic
    |
    1 Quiz
  7. Structure of Business | Week 7
    3 Topics
  8. Organizational Structure Cont'd | Week 8
    2 Topics
  9. Span of Control | Week 9
    4 Topics
    |
    1 Quiz
  10. Introduction to Business Management | Week 10
    4 Topics
  11. Business Organizational Units | Week 11
    1 Topic
    |
    2 Quizzes



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Lesson 2, Topic 5
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Termination of Agency

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Agency can come to an end due to many different circumstances. Below are reasons for the Termination of Agency;

1. Bankruptcy of the Principal: When the principal cannot meet his financial obligations the agency can come to an end.

2. Insanity of Agent or Principal: If the principal or agent is insane, the agency contract will come to an automatic end.

3. Death of Either of the Parties: The death of the agent will bring the agency contract to an end.

4. By Mutual Agreement: In a situation where both the principal and agent agree to end the contract then this will be a binding discharge.

5. By Completion of the Agreement: It can come to an end if the specific purpose for which the agreement is created is accomplished.

6. Breach of Contract: A party to the agency contract may fail to perform part of his own side of the contract.

7. Frustration of the Agency: An agency agreement can be terminated if the subject matter is destroyed or frustrated.

8. Illegality of the Object: In the event of the business been illegal, the contract is automatically terminated by law. 

9. By Lapse of Time: An agency can be terminated if the period fixed for the agreement comes to an end.

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