at 4:35 AM

Kinds Of Agent

There can be many type of agents depending upon responsibilities and resources delegated to them, nature of transaction in which agency exists, expanse of agency, area of authority of agent etc.
Some major classes of Agents are mentioned below-

  1. Special Agent-
    * Agent for Special Task
    * Powers and Responsibilities limited to special task only
    * Limited Authority
    * Agency terminated with accomplishment of purpose

  2. General Agent-
    * Agent for all tasks of Principal’s particular concern
    * Powers & Responsibilities not restricted or limited
    * Agency continues until specifically put to an end
  3. Universal Agent-
    * Is authorized to do all acts which principal can lawfully do and    delegate    
  4. Mercantile or Commercial Agent-
    * In normal course of Business, such agent can sell, buy, consign,  raise money by security of Goods
  5. Non-Mercantile Agent-
    * Attorneys, Solicitors, Guardian, Promoters, Wife etc.; deals in non-mercantile concerns
  6. Del-Credre Agent-
    * Guarantor + Agent
    * A type of Mercantile Agent
  7. Pretended Agent-
    * A person who falsely represents himself as agent of any other person for purpose of transaction
  8. Sub-Agent-
    * Person Employed by and acting under control of Original Agent
  9. Substituted Agent-
    * When an agent holds an authority to appoint another person in his position and when he exercises such an option, the person thus appointed is not a Sub-Agent but a Substituted Agent directly liable and accountable to Principal

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