State True or False: A factor is an agent who is given the possession of goods and enters a contract for sale in his/her own name.

Answer

To determine whether the statement is true or false, we need to analyze the definition of a factor in the context of agency and sales.

### Step-by-Step Solution:

1. **Understanding the Term "Factor":**
- A factor is an agent who is entrusted with the possession of goods. This means that they have physical control over the goods, which allows them to facilitate sales.

**Hint:** Recall that a factor is typically involved in the sale of goods and has authority over them.

2. **Role of the Factor in Contracts:**
- The factor enters into contracts for the sale of these goods. Importantly, they do this in their own name rather than in the name of the principal (the owner of the goods).

**Hint:** Consider how agents operate; they often act on behalf of someone else, but a factor specifically acts in their own name.

3. **Implications of Acting in Their Own Name:**
- When a factor enters a contract in their own name, it means that they are responsible for the contract and its obligations. This is a key characteristic that distinguishes factors from other types of agents.

**Hint:** Think about the legal implications of entering a contract in one’s own name versus on behalf of someone else.

4. **Conclusion:**
- Given that a factor is indeed an agent who possesses goods and enters contracts in their own name, the statement provided is true.

### Final Answer:
The statement is **True**.