RENUNCIATION BY THE AGENT. An agent has the power to re nounce the agency at will, but his right to renounce, without liability, like that of the principal, may be lim ited by special agreement that it shall continue for a definite period, or a specified undertaking, and his breach of this agreement without sufficient reason will make him liable in damages to the principal. But for cause he has a right to renounce at any time, though the agency was for a fixed period, and will not be liable in damages for so doing.
The agent should give notice of renunciation to his principal, and such notice takes effect from receipt by the principal. For his own protection the principal should then give notice of the renunciation to those who have dealt with the agent and others in the same manner as if he had himself terminated the agency. (Capen v. Pacific Mut. Ins. Co., I Dutch, 67.)