Previous Lecture
Creation of Agency
Express Agency
Implied Agency
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.
Next Lecture
Principal & Agent - 3