There are different types of agent in regarding to their capacity, authority as well as their nature. The classifications of the agent are as below:

 

  • From the view point of agents' authority:

 

  • General Agent: A general agent is one who is employed to do all acts connected with a particular business or employment.
  • Special Agent: A special agent is one who is employed to do same particular act of represent his principal in same particular transaction. e.g. an agent employed to sell a car. As soon as the act is performed, the authority of such an agent comes to an end.
  • Universal Agent: A universal agent is said to be one whose authority is unlimited. e.g. who is authorized to do all the acts which the principal can lawfully do and can delegate. He enjoys extensive powers to transact every kind of business on behalf of his principal.
  • From the view point of the nature of work:

 

  • Mercantile Agent: A mercantile agent is one who has authority either to sell goods or to buy goods or to raise money on the security of goods. The various kinds of mercantile agent are as follows:
  • Factor: A factor is a mercantile agent to whom goods are entrusted for sale. He enjoys wide discretionary power in relation to the sale of goods.
  • Commission agent: A commission agent is a mercantile agent who buys or sells goods for his principal on the best possible terms in his own name and who receives commission for his work.
  • Broker: He is one who is employed to make contracts for the purchase and sale of goods. He is not entrusted with the possession of goods. He simply acts as a connecting link and brings the two parties together to bargain.
  • Non-mercantile agent: They include Advocates, Attorneys, and Insurance Agent etc.