Where liability to personal loss, though not amounting to a legal liability, has been incurred by the agent in the exercise of his authority (as, for example, by the operation of the rules of the Stock Exchange which are binding upon the members, or by a solicitor incurring liability for barrister's fees1) the principal cannot revoke the authority after the liability has been incurred2.
Illustrations of this rule are to be found in the case of betting transactions3.
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