Classification of Agents
Specific or particular agent: Specific or particular agent is an agent who is appointed to do a single act for the principal. He is appointed mostly by a special power of attorney. He is also called a Special Agent. His authority ends no sooner the particular act is performed.
General agent: General agent is an agent who is appointed to do all or general acts concerning a particular trade or business of the principal. He is appointed mostly by general power of attorney. His authority continues until it is terminated.
Mercantile agents:
Broker: He brings two parties together into a contract. He is employed to find a buyer or seller. He is intermediary. He has no possession of the goods and the contract is entered into by parties directly. He buys and sells goods on behalf of another. His contract is essentially wit a person who employs him. He is an agent of both the seller and the buyer. He negotiates and contracts for the principal. He cannot act or sue in his own name. He has no implied power to delegate his authority.
Commission agent: he buys or sells the goods for the buyer or the seller and receives commission. He may or may not have possession of the goods.
Factor: He is entrusted with the possession of the goods with discretionary authority to sell, pledge or create any right on the goods with the third person. He sells the goods in his own name at such price as he thinks fit. He has the authority to receive the price of the goods. He has a general lien on the goods for the monies due to him.