BROKER

In Mercantile Law, a person employed about contracting for the disposal of property without being put in actual po e ion of it, as is the case with a factor. (See Factor.) But all agents answering to this definition are not brokers, nor has the term any very exact legal signification. Particular cla es of brokers are, bill or exchange brokers, stock brokers, insurance brokers, pawnbrokers, and brokers who sell or appraise household flirniture for rent. By 8 & 9 W. 3. c. 20. brokers in the city of London must be licensed by the mayor and aldermen, and grant a bond wilh a penalty of JE500 on Iheir admi ion. According to mercantile usage, if goods within the city of London are sold by a broker to be paid for by a bill of exchange, the vendor, if not satisfied with the solvency of the purchaser, has a right within a reasonablo time to annul the contract. [s. 184]