In relation to the law of agency, explain the following:
i) Del Credere agent.
ii) Factor agent.
i) Del credere Agent: This is a mercantile agent who in return for an extra commission Del credere guarantees solvency of a 3rd party with whom the principal contracts.
He undertakes to indemnify the principal if the 3rd party fails to pay the amount due on the contract. The agent may be or may be not be entitled with possession or documents of title.
ii) Factor Agent: This is a mercantile agent who is entrusted with possession and sells the goods in his own name.