JAMB Commerce 2014 Objective — Question 45

Question 45 of 50 from the Joint Admissions and Matriculation Board (JAMB) Commerce 2014 Objective paper, with the correct answer and a full explanation.

The difference between a factor and a broker is that the former

A. is licensed to sell goods on auction
B. has a lien on the goods he possessesCorrect
C. is not in possession of the goods
D. cannot sell goods in his own name

Explanation

The factor is given authority over the goods of the principal, and unlike a broker, has a lien (right to retain possession) on the goods he possesses.

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