ratgogl.blogg.se - Principal definition school

Principal definition school full#

When the agent, has a lien or claim upon the property bought or sold, or upon its proceeds, when it equals or exceeds the amount of its value.īut contracts are not infrequently made without mentioning the name of the principal in such case he may avail himself of the agreement, for the contract will be treated as that of the principal, as well as of the agent.

This, it has been well observed, is a general rule of commercial law, founded upon the known usage of trade and it is strictly adhered to for the safety and convenience of foreign commerce. The case of a foreign factor, buying or selling goods, is an example of this kind: he is treated as between himself and the other party, as the sole contractor, and the real principal cannot sue or be sued on the contract.

When an exclusive credit is given to and by the agent, and therefore the principal cannot be considered in any manner a party to the contract, although he may have authorized it, and be entitled to all the benefits arising from it.

When the instrument is under seal, and it has been exclusively made between the agent and the third person as, for example, a charter party or bottomry bond iii this case the principal cannot sue on it.

But to this rule there are some exceptions: The principal's rights against third persons: When a contract is made by the agent with a third person in the name of his principal, the latter may enforce it by action.

The principal has a right to supersede his agent, where each may maintain a suit against a third person, by suing in his own name and he may, by his own intervention, intercept, suspend, or extinguish the right of the agent under the contract.

Principal definition school full#

When the agent violates his obligations to his principal, either by exceeding his authority, or by positive misconduct, or by mere negligence or omissions in the discharge of the functions of his agency, or in any other manner, and any loss or damage falls on his principal, the latter will be entitled to full indemnity.To call them to an account at all times, in relation to the business of their agency.These will be briefly considered: The rights to which principals are entitled arise from obligations due to them by their agents, or by third persons. Perhaps for her separate property she may, with her husband, appoint an agent or attorney but this seems to be doubted.Ī principal has rights which he can enforce, and is liable to obligations which he must perform. A married woman cannot, in general, appoint an agent or attorney, and when it is requisite that one should be appointed, the husband generally appoints for both. For instance, an infant may make an attorney, when it is for his benefit but lie cannot enter into any contract which is to Iiis prejudice. Infants and married women are generally, incapable but, under special circumstances, they may make such appointments. Married women, and persons who are deprived of understanding, as idiots, lunatics, and others, not sui juris, are wholly incapable of entering into any contract, and, consequently, cannot appoint an agent.

One who, being competent to contract, and who is sui juris, employs another to do any act for his own benefit, or on his own account.Īs a general rule, it may be said, that every person, sui juris, is capable of being a principal, for in all cases where a man has power as owner, or in his own right to do anything, he may do it by another. Principal is also used to designate the best of many things as, the best bed, the best table, and the like. In the English law, the chief person in some inns of chancery is called principal of the house. Principal is used also to denote the more important as, the principal person. It is used also in opposition to surety thus, we say the principal is answerable before the surety. It is used in opposition to interest as, the principal being secured tho interest will follow. It is used in opposition to agent, and in this sense it signifies that the principal is the prime mover. Accessorium non ducit, sed sequitur suum principale." In estates, principal is used as opposed to incident or accessory as in the following rule: "the incident shall pass by the grant of the principal, but not the principal by the grant of the incident. It is used in opposition to accessory, to show the degree of crime committed by two persons thus, we say, the principal is more guilty than the accessory after the fact. A person who designates another to act as their attorney in fact or agent.Whoever commits an offense or aids, abets, counsels, commands, induces or procures its commission, is punishable as a principal Whoever willfully causes an act to be done which if directly performed by him or another would be an offense against the U.S., is punishable as a principal.