Right of principal when agent deals, on his own account, in business of agency without principal’s consent.

215.Right of principal when agent deals, on his own account, in business of agency without principal’s consent.

If an agent deals on his own account in the business of the agency, without first obtaining the consent of his principal and acquainting him with all material circumstances which have come to his own knowledge on the subject, the principal may repudiate the transaction, if the case shows, either that any material fact has been dishonestly concealed from him by the agent, or that the dealings of the agent have been disadvantageous to him.

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