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AGENTS AND TYPE OF AGENTS

LAW OF AGENCY
The law of agency is an area of commercial law dealing with a set of contractual, quasi-contractual andnoncontractual relationships that involve a person, called the agent, that is authorized to act on behalf of another (called the principal) to create a legal relationship with a third party.

AGENT
Section 182 of Contract Act defines an agent and

Principal
An agent is a person employed to do any for another in dealings with third parties. The person for whom such act is done, or who is so represented ,is called the principal

Types of Agents
The relationship between the principal and the agent and the extent of the authority of the later are matters to be determined by agreement of the parties

On the basis of the purpose of forming agency and also on the basis of duties and powers of agents, Agents are classified in several ways and they are as follows

I. Special agents II. General agents III.Universal agents IV.Commercial or Mercantile agents V. Non commercial or non mercantile agents

1. Special Agents: A special agent is appointed only for a particular purpose and he has only authority to act in a particular transaction .

Eg: An agent may be appointed to buy or sell a house

2. General Agents: General agents have full authority to act in all matters concerning a trade or profession . 3. Universal Agents: An universal agent is a person whose authority is unlimited and he can do any thing for his principal ,which is legal as well as agreeable to law of land

4. Commercial or Mercantile Agents: A mercantile agent is a person having authority either to sell goods or to consigngoods or to raise money on security of goods .Mercantile agents may be of several kinds which are Auctioneers: An auctioneer is one who is authorized to sell goods of his principal by auction .

Brokers: A broker is an agent who is appointed to negotiate and make contracts either to buy or sell goods Factors: A factor is an agent who is trusted with possession of goods for the purpose of sale and in this respect, he differs from a broker who is not entrusted with the possession of the goods

Del credere Agents : In ordinary cases the only function of an agent is to effect a contractual relationship between his principal and the third party Banker : the relation ship between a banker and his customer is really that of debtor and creditor ,but there is a super ceded obligation on the part of banker of repaying the debt when called upon to do so by the draft or by order of the customer

Commission agent :A commission agent is one who secures buyers for goods and sellers for a buyer of gods in return for a commission on the sale . 5. Non Mercantile Agents: Non-mercantile agents may be estate agents who are engaged to negotiate the sale ,purchase and lease of immovable property or law agents who are to look after the legal affairs of their principal.