The right of indemnity covers not merely the losses actually sustained by the agent, but also, in accordance with the principles of equity, the full amount of the liabilities incurred by him, even though they may never in fact be enforced1, and extends to cases where they were incurred under an honest mistake of judgment2. It is immaterial whether or not the agent professed to be acting on his principal's behalf, if he was in fact so acting3.
Where an agent is employed to deal in a particular market
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