Irish O.

Alonzo
JD-II
Partnership Agency and Trust

I.

1. Agent is a person who acts for and represents another; he is the one acting in a
representative capacity and sometimes called as an atty-in-fact representative,

2. Broker is an agent appointed by the principal for the purpose of selling or

buying goods on his behalf. He do not have possession of goods nor can he
contract in his own name because he only brings seller and buyer together to
bargain. However, he get commission by doing so.

3. Special Power of Attorney

4.

5. Commission agent is a mercantile agent who is employed to buy and sell goods
for his principal on best possible terms. Unlike broker, a commission agent
transacts on his own name and he is also entitled to commission.

6. Guarantee Commission Agent is also knows as Ordinary

7.

8.

9.

10.
II. Problems

1. The favor would be upon Agaton. Principal Pamfilo cannot disaffirm the sale
because the sale is valid even though Agaton is a minor.

2. A contract of agency is a two-party relationship in which a person acts as

representative of another in a business dealing in order to create a contractual
relations between the other and third person.

3. Agency is important because it makes corporations accountable for their

actions. This means that a person becomes liable for every contract he enters
into as a representative for another.

4. Implied agency is when there is no expressed agreement appointing a person

as an agent, however, the existence of agency is inferred from the circumstances
of the relationship between parties, and that the principal does not repudiates
the act of an agent representing the former.

5. Pamfilo

6.

7. Special Power of Attorney is necessary to make payments, to effect novations,

to waive an obligations gratuitously, to convey or acquire immovable, to loan or
borrow money.

8.

9. There are two ways for an agency may be terminated either by the acts of the
parties namely:
a) Lapse of time
b) Accomplishment of particular purpose for agency
c) Occurrence of a specific event such as a closed deal
d) Mutual agreement of the agent and principal
e) Renunciation by the agent or recovation by the principal
; And by operation of law:
a) Death or incompetence of the agent or principal
b) Impossibility of performance
c) Materially changed circumstances; and/or
d) Bankruptcy of the principal or agent

10. The principal is not liable for the expenses incurred by the agent in the
following cases:
(1) If the agent acted in contravention of the principal's instructions, unless the
latter should wish to avail himself of the benefits derived from the contract;
(2) When the expenses were due to the fault of the agent;
(3) When the agent incurred them with knowledge that an unfavorable result
would ensue, if the principal was not aware thereof;
(4) When it was stipulated that the expenses would be borne by the agent, or that
the latter would be allowed only a certain sum (ART. 1918)