different classes of agent

Welcome To My

Presentation

Different Classes

of Agents

According to Sec: 182

“An Agent is a person employed to do any act for another or to represent

another in dealings with third person.”

Definition of Agent

An agent is to exercise his authority in accordance with the principal’s instruction.

An agent can bind the principal to the third party.

An agent is liable for wrong done within the scope of his authority.

An agent may work for several principals.

Some Characteristics of Agent

BrokerFactorCommission AgentAuctioneerDel CredereGeneral and Particular Agent

Different Classes of Agents

►A broker is one who brings buyer and seller into contract with one another.

►His duties are at an end when the parties are brought together.

►The contract of sale and purchase is entered into directly by the parties.

►The Broker does not keep the goods or the property of the principal in his permission.

Broker

►A factor is a mercantile agent with whom goods are kept for sale.

►He has a general lien on the goods for money due to him as agent.

Factor

►A commission agent is that person who actually receives the goods for the purpose of selling goods to the buyer.

►If he fails to do the act in that case products should be returned to the principal.

Commission Agent

►An Auctioneer is one who is authorized to sell goods or property of his principal by auction.

►He has a particular lien on the goods for his remuneration.

Auctioneer

There are some more classes of agent like Del credere agent, General agent, Particular agent etc. The relation between the principal and agent and the extent of the authority of the latter are matters to be determined by agreement of the parties. And the relation between principal and agent is called agency.

Perfection