- General agent
- General agents are authorized to represent the principal in a broad range of matters and can perform various tasks on the principal’s behalf.
- They often have ongoing relationships with the principal and handle a wide spectrum of activities within the scope of their authority.
- For example, a property manager who oversees all aspects of a real estate portfolio for an owner can be considered a general agent.
- Special agent
- Special agents are appointed for a specific task or transaction and have limited authority to act only in that particular matter.
- Once the task is completed or the transaction is finalized, the agency relationship terminates.
- For instance, a real estate agent hired to sell a specific property is a special agent for that transaction.
- Universal agent
- Universal agents have broad authority to act on behalf of the principal, often with full power to make decisions and enter into contracts.
- They may have authority over a wide range of the principal’s affairs and can make significant decisions.
- Universal agents are relatively rare and are typically appointed through a power of attorney.
9.2 Types of contract
