14:24
speaking of test prep, any 7sage alternatives that include explanations without "youre dumb if u dont get this"
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Simple English definitions for legal terms
del credere bailiff
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A quick definition of del credere bailiff:
A del credere bailiff is a type of agent who is hired to sell goods for a company. They have control over the goods and can sell them in their own name. They can also receive payment for the goods and give a receipt to the buyer. They are different from brokers because they have possession of the goods. In simple terms, a del credere bailiff is like a salesperson who works for a company and sells their products.
A more thorough explanation:
A del credere bailiff is a type of factor, which is an agent who is employed to sell property for the principal and who possesses or controls the property. The del credere bailiff is a factor who guarantees the creditworthiness of the buyer and assumes the risk of non-payment.
For example, if a company hires a del credere bailiff to sell their goods, the bailiff will not only sell the goods but also guarantee that the buyer will pay for them. If the buyer fails to pay, the del credere bailiff will be responsible for the payment.
This type of factor is different from a broker because the factor possesses or controls the property. A broker, on the other hand, does not have possession or control of the property but acts as an intermediary between the buyer and seller.
Overall, a del credere bailiff is a factor who assumes the risk of non-payment and guarantees the creditworthiness of the buyer.