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USTGOLDEN NOTES 2011 AGENCYQ: What is contract of agency?A:By contract of agency a person binds himself torendersomeserviceortodosomethinginrepresentation or on behalf of another, with theconsent or authority of the latter. (Art. 1868 NCC)Q: What are the characteristics of a contract ofagency?A: BUNCPP1.Bilateral If it is for compensationbecause it gives rise to reciprocal rightsand obligations2.Unilateral If gratuitous, because itcreates obligations for only one of theparties3.Nominate4.Consensual It is perfected by mereconsent5.Principal6.Preparatory It is entered into as ameans to an endCIVILLAWTEAM:ADVISER:ATTY. ELMERT. RABUYA;SUBJECTHEAD:ALFREDOB. DIMAFELIXII;ASST. SUBJECTHEADS:KARENFELIZG. SUPNAD, LAMBERTOL. SANTOSIII;MEMBERS:PAULELBERTE. AMON, ALSTONANARNA, OZANJ.FULLEROS, CECILIOM. JIMENO, JR., ISMAELSARANGAYA, JR.;CONTRIBUTORS:LOISERAEG. NAVAL, MONICAJUCOMQ: What are the classifications of agency?A:1.As to manner of creationa.Expressagent has been actuallyauthorized by the principal, eitherorally or in writingb.Impliedagency is implied fromthe acts of the principal, from hissilence or lack of action or hisfailure to repudiate the agency,knowingthat anotherperson isactingonhisbehalfwithoutauthority2.As to charactera.Gratuitousagentreceivesnocompensation for his servicesb.Onerousagentreceivescompensation for his services3.As to extent of business of the principala.Generalagency comprises all thebusiness of the principalb.Specialagency comprises one ormore specific transactions4.As to authority conferreda.Couched in general termsagencyis created in general terms and isdeemed to comprise only acts inthe name and representation ofthe principalb.Simple or commissionagent actsinhisownnamebutfortheaccount of the principalQ:Whataretheessentialelementsofanagency?A: CORS1.Consent(expressorimplied)oftheparties to establish the relationship;2.TheObject is the execution of a juridicalact in relation to third persons;3.The agent acts as aRepresentative andnot for himself; and4.The agent acts within theScope of hisauthority.Q: Are there any formal requirements in theappointment of an agent?A:GR:Therearenoformalrequirementsgoverning the appointment of an agent.XPN:When the law requires a specific form.i.e.when sale of land or any interest thereinis through an agent, the authority of the lattermust be in writing; otherwise, the sale shallbe void(Art. 1874, NCC)Q: Who are the parties to a contract of agency?Distinguish.A:1.PrincipalOnewhomtheagentrepresents and from whom he derivesauthority;heistheoneprimarilyconcerned in the contract.