Termination Of Agency

BY THE ACTS OF PARTIES

1. By Agreement – The Principal and agent may mutually agree to terminate the agency, at anytime
2. By Revocation (Done by the Principal)
3. By Agent; renouncing the business of Agency

BY OPERATION OF LAW

1. Completion of Business of Agency
2. Death or Insanity of the Principal or Agent
3. Where the Principal or Agent, being a Company, is dissolved
4. Destruction of subject matter of Agency
5. Principal becoming Insolvent
6. Expiration of period where agency was for a fixed period

Kinds Of Agent

There can be many type of agents depending upon responsibilities and resources delegated to them, nature of transaction in which agency exists, expanse of agency, area of authority of agent etc.
Some major classes of Agents are mentioned below-

1. Special Agent-
   * Agent for Special Task
   * Powers and Responsibilities limited to special task only
   * Limited Authority
   * Agency terminated with accomplishment of purpose
   

Modes Of Creation Of Agency

1. EXPRESS AGREEMENT – An Agreement is entered into which results in the creation of Agency
2. IMPLIED AGREEMENT –
                        * Agency by Estoppel
                        * Agency by holding out
3. AGENCY BY NECESSITY
4. AGENCY BY OPERATION OF LAW
5. AGENCY BY RATIFICATION