182. Revocation by notice.

182.     Revocation by notice.

Except in relation to certain commercial agents1, notice of revocation may be given at any time before the authority is wholly exercised2, subject to any right to damages on the part of the agent for breach of contract3.

An authority is not deemed to be exercised, so as to prevent revocation, merely because a preliminary step has been taken which does not bind either principal or agent; for example, where an insurance broker has given instructions for a marine insurance policy, the presentation of the slip by the broker merely constitutes an offer which