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Termination Of The Agency Contract By The Agent Or The Principal

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Common law provides many principles through which agency contract can be terminated. However, the most common ways are as follows:

1. Termination of the contract by the Agent or the Principal:

Agency contract can be terminated by the agent or the principal themselves, if mentioned in the terms of agency contract agreement, however in this case a notice has to be given to the third party that may be effected by the termination of the contract (Partnership act 1980). However if the agent or the principal terminate the contract against the terms of agency agreement, then either of them is liable for the compensation of the damages due to breach of the contract (Gaibraith and Moorhead, 1896).

2. Termination under the Agency Contract:

Agency contract also ends if the purpose due to which the contract was made has been completed or it also comes to an end at the specific time period mentioned in the contract (Brenan v …show more content…

However, the amount that has to be paid is not fixed and varies according to the value of the property that has been damaged. For example, a person named Joy, ran into another person, Bell’s BMW, and damaged one of the car’s side mirrors, then Joy is not bound to pay for the whole BMW. Rather he has to pay only for the damage caused by him. Similarly, the amount that is actually paid by Fred has to be proved as knowing the worth of something may differ from what it actually looks like. For example, referring back to the example to BMW, Bell may say that his car is worth AED 50,OOO but it may look like only AED 40,000. Hence, Bell has to prove the actual worth of his car to get the appropriate liability. In the same way, in this case, Fred can prove the expenses he has actually spent on the door and the pipe either by showing the receipts, or consulting the professionals or experts to assist him regarding claiming for the right amount (Ralph Warner,

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