Economics · Business Law (Law of Agency)
According to the Indian Contract Act, 1872, which of the following is essential for a valid contract of agency?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The principal should not be competent but the agent must be competent to contract
- 2Consideration is necessary for appointing an agent
- 3The principal must have the legal capacity to contract✓
- 4The agent must have the legal capacity to contract
Correct answer
The principal must have the legal capacity to contract
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