In the law of PARTNERSHIP, every partner is an agent of the firm and of his other partners for the purposes of the business of the partner- ship.

Under the rules of COMPANY law, directors are agents of the compa- ny for which they act, and as such the general principles of the law of agency in many respects regulate the relationship of the company and its directors.

Agents are obliged to keep proper accounts of money and assets passing through their hands in the course of their agency and to ren- der such accounts to their principals. An agent is under a strict duty to make full disclosure of any interests he may have in the transac- tion he is to perform. An agency may be terminated by operation of law: (i) by the death of either party; (ii) by the insanity of either

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agricultural holding

party; (iii) by the bankruptcy of either party; (iv) by frustration of the agency agreement.

Where a person signs a bill as drawer, indorser or acceptor and adds words to his signature indicating that he signs for or on behalf of a principal, he will not be personally liable thereon. However, merely designating himself as agent without intimating for whom he is signing will not be sufficient to confer this immunity.

There is a special European regime for commercial agents, which requires, among other things, that such contracts be in writing, that reasonable payment is presumed and that compensation is paid on termination.

See DEL CREDERE AGENCY, FACTOR, FOREIGN PRINCIPAL, IRREVOCABLE AUTHORITY, MANDATE, APPARENT AUTHORITY, OSTENSIBLE AUTHORITY, COMMERCIAL AGENT.

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