Question

Describe the various classifications of agents.( it is business law subject)

Answer 1

Answer )

The various types of agents are:

a)General agent:

A general agent is a type of agent who general authority of everything in course of his agency in the interest of his principal.Managers in shopping mall are best examples as he has every right to purchase,sale,recieve money etc on behalf of his owner.

b)Sub agent:

He is a type of agent where the agent of the principal is the principal of the sub agent.

c)Substitute agent:

Here substitute agent is different from sub agent where a substitute agent is appointed by the agent but he is agent of the actual principal.

For example a principal ordered his agent to appoint a Auditor where such auditor so appointed will be agent of principal but not of agent

d)Special agent:

A special agent is a type of agent who has appointed for a particular work and has very limited powers till particular period.

e)Co-agents:

When a person appoints two or more persons as agents jointly or severally such agents are called Co-agents.Their powers are joint unless mentioned.

F)universal agent:

A universal agent has unlimited powers to act on the behalf of the principal to the extent which is agreeable to the law of the land.

g)Auctioneer:

An Auctioneer is the person who is appointed to sell the goods on behalf of the principal and gains some commission for doing so.