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Broker
 

 

A mercantile agent who, in the nature of his business, makes contracts regarding goods or property, where he has neither the goods nor the documents of title but brings together buyer and seller for a commission. There are specialized brokers, e.g. insurance brokers and stockbrokers, dealing in services by the Factor's Act. If acting as broker he by the Factor's Act. If acting as broker he does not have any personal Uability unless customer dictates. He has implied authority to sell on normal credit terms, receive payment, and do other things consonant with his trade.

 

Reference: Oxford Press Dictonary of Economics, 3rd edt.