Higher Accountancy, Principles and Practice (Volume 3)

9780217484381: Higher Accountancy, Principles and Practice (Volume 3)

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1911. Excerpt: ... employment of sub-agents as a normal or necessary way of transacting the particular sort of business he entrusted to the agent, he will be held to have impliedly consented to the delegation. So an agent given general charge of a large lumber, ranch, and mining company's business, could delegate to a sub-agent the purchase of blasting supplies.14 § 66. Consequences of a permitted delegation. In all these cases, if the right to delegate authority to a sub-agent is found, the principal will be liable to third parties for the acts of the sub-agent. Whether, however, the principal will be able to recover against his original agent for an injury through the negligence or otherwise of a sub-agent, depends on the interpretation of the contract between the principal and the original agent. If the agent employs the sub-agent as a complete substitute for himself, in other words if the contract is that the original agent is to appoint another person agent in his stead for the principal, then he himself is liable to the principal only if he has been negligent in the selection of the second agent. If, however, the agent is authorized only to appoint the sub-agent as his own assistant, this substitute is the agent of the agent and not of the principal, and the original agent is liable to the principal for the carrying out of the agency. Different courts interpret the same contract in this matter in different ways; for example, where a bank appoints a sub-agent to collect a note at another place for a customer of the bank, the agent at the place of collection is held by many courts to be the owner of the note, but by others. including the Federal courts, to be the agent of the bank.15 Section 7. Principal's Responsibility for Torts of Agent. § 67. Reason for ho...

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