In the previous part three types of agents were discussed they were special agents ,sub-agent and substituted agent. This part will be further dealing with more types of agents they are :
A general agent refers to a person who has the authority to perform all activities related to his principal’s business. A general agent might be a manager of a firm’s branch shop or a commission agent. He has sufficient authority to influence commercial deals, enter into trade agreements, make purchases and payments for purchases, and receive money on behalf of his principal. In short this type of agent has broad authority to do anything in the course of his business that is required to act in his principal’s best interests at all times.
A universal agent refers to a person who has the authority to act on behalf of his principal in an unrestricted or universal manner. A universal agent has an unrestricted authority and has a right to perform any act on behalf of his principal as long as it is legal and in accordance with the law of the state. A universal agent acts as a stand-in for his principal in all transactions in which his principle is unable to participate in.
Co-agents refers to appointment by a principle of two or more people are appointed as agents jointly or separately. When nothing concerning the exercise of their authority is stated, their authority is joint. Unless their authority is set, all co-agents has to agree while the exercising their authority but when their authority is distributed, any one of the co-agents can act without the approval of the others.
An auctioneer refers to a commercial agent who is appointed to sell commodities on behalf of the principal, and is compensated in the form of a commission for this service. Because he is mainly the seller’s agent, an auctioneer conducts auctions on behalf of the seller(principal). As the auctioneer is mainly the seller’s agent, he conducts auctions on behalf of the seller. However, he become the purchaser who makes the highest bid after the sale. It is important to understand that by private contract or contracts, an auctioneer has no jurisdiction to self-sell his principal’s commodities.
Brokers, bankers, clearing agents, forwarding agents, underwriters, estate agents, and many other sorts of agents exist in addition to those described above. They also play a crucial role in their principals’ lives by performing a variety of tasks for and on their behalf.