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JAMB Commerce 2007 Question 3

Question 3

Wholesale Trade

An agent who takes title to goods and has authority to buy and sell on behalf of another is

  1. A.a jobber
  2. B.a broker
  3. C.a factor
  4. D.an auctioneer.
Show the answer and explanation

Answer: C (a factor)

Explanation

A factor holds the principal's goods in his possession and can buy and sell them in his own name; a broker does not hold the goods.