Where in the course of any transaction1 in which he is employed on his principal's behalf2, an agent receives notice3 or acquires knowledge4 of any fact material to such transaction5, under such circumstances that it is his duty to communicate it to the principal6, the principal is precluded, as regards the persons who are parties to such transaction7, from relying upon his own ignorance of that fact8, and is taken to have received notice of it from the agent
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