Previous Lecture Creation of Agency Express Agency Implied

Previous Lecture Creation of Agency Express Agency Implied Agency by Estoppel Agency by Holding Out Agency by Necessity Agency by Ratification Agency by Statue

Principal & Agent - 2 Lecture # 16

Classes of Agents • Special Agent • General Agent • Universal Agent

Classes of Agents …. Contd • Special Agent – Special Agent is an agent whose authority is limited to the special undertaking which s/he is instructed to perform. A special agent has a limited authority to act.

Classes of Agents …. Contd • Mercantile or Commercial Agent – Factors Bill of Landing – Broker Bargains & Receive Commission – Commission Agent Only Buy in Abroad – Del Cerder Agent Guarantor – Auctioneer Sell in Auction – Banker – Indentor Buy or Sell Abroad

Classes of Agents …. Contd • Mercantile or Commercial Agent – Factors A commercial agent, employed by a principal to sell merchandise consigned to him for that purpose, for and in behalf of the principal, but usually in his own name, being intrusted with the possession and control of the goods, and being remunerated by a commission, commonly called “factorage. ”

Classes of Agents …. Contd • Mercantile or Commercial Agent –Broker involves attempting to fill client orders at the lowest price and in the fastest way possible. Common clients of an agency broker include large institutional funds that place large block orders.

Classes of Agents …. Contd • Mercantile or Commercial Agent –Commission Agent a person who transacts business on commission, typically on behalf of a principal from another country.

Classes of Agents …. Contd • Mercantile or Commercial Agent –Del Cerder Agent is an agent who guarantees the solvency of third parties with whom the agent contracts on behalf of the principal. As a token for the guaranty given, the agent receives an additional commission for sales.

Classes of Agents …. Contd • Mercantile or Commercial Agent - Auctioneer Sales open to the general public and conducted by an auctioneer, a person empowered to conduct such a sale, at which property is sold to the highest bidder. A bid is an offer by a bidder, a prospective purchaser, to pay a designated amount for the property on sale.

Classes of Agents …. Contd • Mercantile or Commercial Agent – Banker is a retail or postal outlet contracted by a financial institution or a mobile network operator to process clients’ transactions. Rather than a branch teller, it is the owner or an employee of the retail outlet who conducts the transaction and lets clients deposit, withdraw, and transfer funds, pay their bills, inquire about an account balance, or receive government benefits or a direct deposit from their employer. Banking agents can be pharmacies, supermarkets, convenience stores, lottery outlets, post offices, and many more.

Classes of Agents …. Contd • Mercantile or Commercial Agent – Indentor Often considered synonymous with the term “buying agent”. In addition to bringing the two parties together, the indent agent may also provide temporary storage facilities for the goods in question, such as warehousing them until the terms of the transaction are complete.

Classes of Agents • Non Commercial Agent – Estate Agent – Counsel (Lawyer) – Wife …. Contd

Classes of Agents …. Contd • Non Commercial Agent –Estate Agent an agent concerned with the valuation, management, lease, and sale of property estate agent the administrator of a large landed property, acting on behalf of its owner; estate manager

Classes of Agents …. Contd • Non Commercial Agent –Counsel (Lawyer) Working as a lawyer involves the practical application of abstract legal theories and knowledge to solve specific individualized problems, or to advance the interests of those who hire lawyers to perform legal services.

Classes of Agents …. Contd • Non Commercial Agent –Wife is a female partner in a continuing marital relationship. A wife may also be referred to as a spouse.

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