Define agent. Can anyone become one? Explain. List, number, and describe six classifications/types of agents. Define...

Define agent.
Can anyone become one? Explain.
List, number, and describe six classifications/types of agents.
Define agency.
List, number, and describe four ways that the relationship of agency can be created.

Solutions

Expert Solution

(1): Agent- Agent is a person who works under principal and is assigned to work on behalf of a person. Agents represent their parties/clients when there is a deal with third party. Agents perform the duties of a middleman and works as mediator between principal and third party. Agent is given to some authorities to work under the legal environment.

(2): Anyone can be an agent if he/she qualifies certain parameters.

(3): Types of Agents: Are as following-

(a): General Agent- He is the business agent who can perform a broad range of tasks and transactions. A business or manager is generally concerned as General agent. Insurance agent is the example of general agent.

(b): Special agent- is a person who is appointed to perform some special tasks. Real estate agent is an example of Special agent who only sells the property from seller to buyer.

(c): Subagent- For getting the work done, main agent will appoint some sub agents. These sub agents may not be appointed by the principal but the agent. For example; Insurance agent appoints several sub agents to sell the policies.

(d): Servant- He is also a type of agent. A person whose duties are in fully controlled by employer, is called servant.

(e): Universal agent- He is an agent who has power to work on behalf of principal. His authorities are unlimited.

(f): Auctioneers- Person who is appointed to sell the goods on behalf of the principal, is called auctioneer.

(4): Agency- It is a business or institution which is providing services on behalf of a company or party. Agency is under the control of other company. In agency, one party works on behalf of other party as whole.

Types of agency: Are as following:

General agency
Express agency
Implied agency
Apparent agency
Exclusive agency
Special agency
Universal agency.

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