A Rubric of the Common Law : Being a Short Digest of the Common Law, Illustrated Throughout By Leading Cases

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CONTRACTS MADE WITH AND BY AGENTS. 109 John absconded, and Badcock refused to pay the money so received to Stephens. In an action by Stephens against Badcock for the sinn so received by him, it was held that the defendant was only bound to account to John, and that there was no privity between him and the plaintiff.(f) 4. The principal must indemnify the agent for all neces- sary payments made by him, and all losses not incurred by his own negligence, in the course of his employment.
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...on. Stray employed Taylor and Aston, stock- brokers, to purchase for him twenty shares in the Eoyal British Bank. The brokers bought the shares, but before the settling day, the bank stopped pay- ment, and Stray refused to accept and pay for the shares. Taylor and. Aston, having been compelled by the rules of the Stock Exchange to pay for the shares, sued Stray for the price ; and it was held that he was bound to indemnify his brokers against the consequences of all acts done by them in pursu- ance of the authority conferred on them by him.((?) II.

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