What are the 4 types of agents?

The Four Main Types of Agent
  • Artists’ agents. An artist’s agent handles the business side of an artist’s life. …
  • Sales agents. …
  • Distributors. …
  • Licensing agents.

What are 3 types of agents?

In general, there are three types of agents: universal agents, general agents, and special agents.

What are the 5 types of agency?

The five types of agents include: general agent, special agent, subagent, agency coupled with an interest, and servant (or employee).

What are the 3 duties of an agent?

Agents generally have the following duties to the principal: Loyalty, Care, Obedience, and Accounting.

What are examples of agents?

Examples of agents are sales representatives and shipping agents. Another example is someone who enters into negotiations on behalf of a client.

What are the types of duties?

Types of Customs Duty
  • Basic Customs Duty. Basic custom duty is the duty imposed on the value of the goods at a specific rate. …
  • Countervailing Duty (CVD) …
  • Additional Customs Duty or Special CVD. …
  • Safeguard Duty. …
  • Anti Dumping Duty. …
  • National Calamity Contingent Duty. …
  • Education Cess on Customs Duty. …
  • Protective Duties.

What is end of an agent?

The end of the agent (finis operantis ) is what the agent actually intends when acting, be it identical or not with the end of the work (an agent may use a knife for cutting or as a screwdriver).

Who is an agent in contract law?

—An ‘agent’ is a person employed to do any act for another, or to represent another in dealings with third person. The person for whom such act is done, or who is so represented, is called the ‘principal’. —An ‘agent’ is a person employed to do any act for another, or to represent another in dealings with third person.

What are the two types of agents?

The five types of agents include: general agent, special agent, subagent, agency coupled with an interest, and servant (or employee).

What is the meaning and types of agents?

Definition: An agent is a person who represents an insurance firm and sells insurance policies on its behalf. Description: Generally, there are two types of such agents who reach the prospective parties that may be interested in buying insurance. These are independent agents and captive or exclusive agents.

Who is called an agent?

Definition. A person who performs services for another person under an express or implied agreement and who is subject to the other’s control or right to control the manner and means of performing the services. The other person is called a principal. One may be an agent without receiving compensation for services.

What is the most common type of agency?

Expressed agency is the most common type of agency and it gives the agent the authority to contract on behalf of the principal.

What is an agent in law?

An agent is a person authorized to act on behalf of another person. The party an agent is authorized to act for is known as the principal. A principal-agent relationship can either be intentionally created or created by implication through one’s actions. For further information, see Agency Law.

What is universal agent?

Definitions of universal agent. someone authorized to transact every kind of business for the principal. synonyms: general agent. Antonyms: special agent. someone whose authority is limited to the special undertaking they have been instructed to perform.

What are the elements of agency?

agent; the person for whom the agent is acting is the principal. Parsing this definition reveals three primary elements of an agency relationship: (1) consent by the principal and the agent; (2) action by the agent on behalf of the principal; and (3) control by the principal.

What are the 5 duties of an agent?

DUTIES OF AGENT
  • Duties to follow Instructions or Customs:
  • Duty of reasonable care and skill.
  • DUTY TO AVOID CONFLICT OF INTEREST.
  • Duty not to make secret profit:
  • Duty to remit sums.
  • Duty to maintain Accounts:
  • Duty not to delegate.

Is an agency an agent?

Agency is a relationship between a principal and an agent in which the principal confers his or her rights on the agent to act on principal’s behalf. Such a relationship is based on an agency contract. The rights and duties of the agent and principal are in accordance with the express or implied terms of the contract.