Q-4: Describe the Various kinds of an agent.
Ans: KINDS OF AGENTS
The following are the major kinds of agents.
1. COMMISSION AGENTS
A commission agent is a person who buys and sells goods in the market, on behalf of his employer on the best terms and conditions and receives commission as remuneration for his services.
2. BEL-CREDERE AGENT
A Del-Credere agent is a person who for extra remuneration provides guarantee to his principal for the performance of the contract by third party. He indemnifies his principal for any loss caused to him by the third party. If the third party (debtor) does not make payment or becomes insolvent, the Del-Credere Agent to make payment to his principal.
A factor is a commission agent who is entrusted with the possession of goods and he can sell them with his own name. He looks like the real owner of the goods entrusted to him. He can also advance money by pledge for the same goods.
He is also commission agent. He is not entrusted with possession of goods and cannot sell the goods with his own name. He brings together to the seller and buyer into contract relation and if transaction takes place, he is entitled to get commission.
An auctioneer is a person who sells goods to the highest bidder at a public for commission. He is the agent of the buyer as weli as the owner of the goods ,
Where the agent authority is given to several persons without mentioning that any one or more of them shall be authorized to act in the name of the whole body, they have a joint authority and are called co-agents.
A subagent is a person employed by, and acting under the control of, original agent in the business agency. Sec 191
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CLASSIFICATION OF AGENTS IN DETAIL