16884135-Agency-Reviewer

16884135-Agency-Reviewer - Finals Reviewer AGENCY Essential...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Finals Reviewer A GENCY 2 nd Sem; 2003 Chapter 1. Nature, Form and Kinds of Agency Art. 1868. By the contract of agency a person binds himself to render some service or to do something in representation or on behalf of another, with the consent or authority of the latter. Agency: A relationship which implies a power in an agent to contract with a 3 rd person on behalf of a principal. Kind of Contract: It is a preparatory contract. It is a contract entered not for its own end but to be able to enter into other contracts. Characteristics: 1.) Consensual : perfected by mere consent; 2.) Nominate : it has its own name; 3.) Principal : does not depend on another contract for its existence and validity; 4.) Preparatory : entered into as a means to an end; 5.) Unilateral/Bilateral : a.) Unilateral : if contract is gratuitous, it creates obligations for only one of the parties, i.e. agent. b.) Bilateral : if for compensation, it gives rise to reciprocal rights and obligs. Basis: Representation. The acts of the agent on behalf of the principal within the scope of his authority produce the same legal and binding effects as if the principal personally did them. Distinguishing Features: 1.) Representative character; and 2.) Derivative authority. Purpose: To extend the personality of the principal through the facility of the agent. Parties: 1.) Principal ; and 2.) Agent . Who can be principal? The principal may be a natural person or a juridical person. He must be capacitated. The rule is if a person is capacitated to act for himself or in his own right, he can act through an agent. Must the agent have capacity? Insofar as 3 rd persons are concerned, it is enough that the principal is capacitated; but insofar as his obligations to his principal are concerned, the agent must be able to bind himself. Essential Elements of Agency: 1.) Consent, express or implied; 2.) Object of the contract is the execution of a juridical act in relation to 3 rd persons; 3.) The agent acts as a representative and not for himself; 4.) The agent acts within the scope of his authority. Acts that cannot be done through an agent: 1.) Personal acts : if personal performance is reqd by law or public policy or agreement; 2.) Criminal or illegal acts : attempt to delegate another authority to do an act which, if done by the principal would be illegal, is void. Nature of Relation between Principal and Agent: Fiduciary, based on trust and confidence. Agency v. Lease of Work or Service Agency Lease of Work/Service Basis is representation. Basis is employment Agent exercises discretionary powers. Lessor only performs ministerial functions. 3 persons are involved: rd person. Only 2 persons involved: lessor and lessee Commercial or business transactions. Matters of mere manual or
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 20

16884135-Agency-Reviewer - Finals Reviewer AGENCY Essential...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online