A Treatise on the Law Relative to Principals, Agents, Factors, Auctioneers, and Brokers

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1811. Excerpt: ... TREATISE ON THE LAW BEIATiri TO PRINCIPALS, AGENTS, FACTORS, AUCTIONEERS, AND BROKERS. CHAPTER L Of the nature of the employment of a factor, or agent--of his power and authority--of contracts by him on behalf of his principal of the principal's responsibility for his fraud, deceit, or negligence--and how far the principal is bound by the acts of his agent. A Factor, in commerce, is an agent or broker employed by merchants to buy or sell goods, or negotiate bills, or transact any kind of business on their account; and for which he is entitled to a certain commission or allowance. The general duty of a factor or agent is to procure the best intelligence of the state of trade at his place of residence; of the course of exchange; of the quantity and quality of goods at market, their present price, and the probability that it may rise or Malyne, Lex Here. 81--Seavies, Lex Merc. 45. fall; to pay exact obedience to the orders of his employers; to consult their advantage in matters refered to his direction; to execute their business with all the despatch that circumstances will admit; to be early in his intelligence, distinct in his accounts, and punctual in his correspondence.11 A general agent has a right to exercise his discretion for the benefit of his principal. He must act upon the spur of the occasion; and may insure without an order for that purpose, if it be for the interest of his correspondent that he should do so.c A factor or agent's power is either general or limited. If he be intrusted with a general power, he must exercise a sound and honest judgment, in those matters which are left to his judgment; for he will not be justified in taking unreasonable or unusual measures, or doing any thing contrary to the interest of his principal. If, however, ...