- 4 Marks
Question
There are different types of special agents.
Required:
Explain who a “Del Credere” agent is. (4 Marks)
Answer
A Del Credere agent is a type of mercantile agent who, in consideration of an extra commission, guarantees the principal that the third party with whom the agent contracts on behalf of the principal will fulfill their financial obligations. This agent assumes responsibility if the third party fails to pay, acting as a surety for the contract.
- Tags: Agency, Commercial Law, Del Credere Agent
- Level: Level 1
- Topic: Agency Law
- Series: MAY 2015
- Uploader: Kwame Aikins