A mercantile agent, also known as a commissionaire, is authorized to sell goods on behalf of another individual or company. They can be of any age or intelligence level, as long as they are capable of performing the job. Their role is to make contracts on behalf of the person they represent, whether they are hired for a specific task or have the ability to handle various business matters.
A mercantile agent, also known as a commercial agent, is employed by a principal to sell goods or merchandise on their behalf. For instance, a clothing manufacturer may hire a mercantile agent to sell their products to retailers. The agent earns a commission for each sale and is authorized to act on behalf of the principal in negotiating prices, taking orders, and arranging delivery. The principal is legally obligated by the contracts made by the mercantile agent.
A mercantile agent is an individual or entity that is authorized to act on behalf of another party in commercial transactions, such as buying or selling goods or services.
The responsibilities of a mercantile agent may vary depending on the specific agreement or arrangement. Generally, they are responsible for representing the interests of their principal, negotiating contracts, collecting payments, and ensuring the smooth execution of commercial transactions.
While both types of agents act on behalf of another party, a mercantile agent specifically deals with commercial transactions. Regular agents may have a broader scope of representation, including non-commercial matters.
Yes, a mercantile agent can bind their principal to a contract if they have the necessary authority to do so. However, it is crucial for the principal to clearly define the limits of the agent’s authority to avoid any unauthorized commitments.
If a mercantile agent exceeds their authority, the principal may not be bound by the agent’s actions. However, the principal may still be liable for any contracts or obligations that were validly entered into by the agent within their authorized scope.
In general, a mercantile agent is not personally liable for their actions if they are acting within their authorized scope and in good faith. However, if the agent acts negligently or fraudulently, they may be held personally liable for any resulting damages.
A mercantile agent has a duty of confidentiality towards their principal. Unless authorized or required by law, the agent should not disclose any confidential information obtained during the course of their agency.
Yes, a mercantile agent can terminate their agency relationship with their principal. However, they must comply with any contractual obligations or notice requirements specified in their agreement.
Yes, a mercantile agent is typically entitled to receive commissions or other forms of compensation as agreed upon with their principal. The specific terms of compensation should be outlined in the agency agreement.
In some cases, a mercantile agent may represent multiple principals simultaneously. However, it is essential for the agent to disclose any potential conflicts of interest and obtain the informed consent of all parties involved.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 16th April 2024.
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