JAMB - Commerce (2014 - No. 44)
The difference between a factor and a broker is that the former
is licensed to sell goods on auction
has a lien on the goods he possesses
is not in possession of the goods
cannot sell in his own name
Εξήγηση
Factors and Brokers are both and equally agents; but with this difference: the Factor is entrusted with the property which is the subject-matter of the agency; the Broker is only employed to make a bargain in relation to it. This means that, a broker does not take the possession of goods while a factor takes title of the goods