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ZIMSEC O Level Commerce Notes: International trade: Factors

  • is a mercantile fiduciary who receives and sells goods on commission.
  • The commission is called a factorage.
  • Possess the goods they sell.
  • Sell goods in their own names.
  • Do not disclose their principal.
  • Collect goods for sale.
  • Deliver goods to their customers.
  • Have insurable interest on the goods they sell.
  • May sell on credit.
  • Provide warehousing and equipment for handling goods.
  • Collect and forward payments to their principals less their commission.
  • Most factors are found in the textile industry although they are also found in other industries.

To access more topics go to the Commerce Notes page.

 

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