State the effect of death, insanity and insolvency of the principal or agent on a contract of agency.

State the effect of death

1)         a) What is a breach of contract?

b) What do you understand by an anticipatory breach of contract?

c) State the rights of the promise in case of anticipatory breach.

2)        a) State the effect of death, insanity and insolvency of the principal or agent on a contract of agency.

b) When does termination of agency takes effect? 

c) When is an agency irrevocable?

3)        Discuss the common features of a promissory note, bill of exchange and cheque.

4)        a) What is meant by maturity of an instrument? 

b) What is meant by day of grace?

c) Explain the provision relating to the calculation of date of maturity.



State the effect of death

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State the effect of death