Professional Documents
Culture Documents
Agency Map
Agency Map
Elements of Agency
Effect of Agency: Integration and Extension
General v. Special
-- The Agent -Establishing Agency oral/written, express/implied, estoppel
Rights Compensation, Lend/borrow at interest, appoint substitute,
retain in pledge
Obligations Liability presumed joint, when personally bound, when acting in own
name
Notes:
- Under 1897, if agent not authorized, provision doesnt state principal
not liable
- When acting in own name, agent is liable to both 3rd person and
principal
- Sir says that property of principal even if not object of contract should
be included because most agencies have to involve the property. Only
problem is principal would be bound by agents moonlighting
- 1883 = 3rd person can sue both principal and agent if property
belongs to principal
-- The Principal -Obligations (5) comply with obligations with 3rd persons, advance
funds, reimburse agents, indemnify agents for damages, pay
compensation to agents
Notes:
- bound if CAC + ratify or signifies to ratify + estopped
- must have full knowledge of material facts
- ask alex about Prieto v. CA (recit niya)
- 1918 = expenses of agent which principal not liable for = CFUS
Liability GR: solely liable; Exc: solidary if hes estopped
-- 3rd Parties-Rights of Third Parties require presentation of
authority/instructions, rely on representations by principal
Keeler Rules
-- Extinguishing the Agency -(6) Revocation, withdrawal, death etc, dissolution of firm,
accomplishment of purpose, expiration of period RWDDAE RAWEDD
PARTNERSHIP
Nature a contract
Elements contribution + divide profits
- common fund = may be from borrowed funds. Thus a partnership
may exist before a common fund.
Attributes lawful purpose, common benefit, juridical personality
Rules to determine existence
- 3CSPdwalg
-Forming the PartnershipFormal Requirements GR: any form; Exc: immovable contributed,
capital over P3k
Corporations as partners GR, rationale, SEC opinions, foreign
corporations
Partnership purpose must be specific in articles, includes
incidental purposes, no need to state secondary ones
Firm name must be unique, must have Co. or Ltd., no surname of
limited partner
Kinds of Partnerships
as to object: Universal/particular
as to liability: general/limited
professional partnerships
partnership by estoppel
Joint Ventures essentially a partnership created for a limited
purpose. Jurisprudence treats it just like a partnership, or at least
similar to one.
Rights of a Partner (8)
- mutual agency FACOITUWB, ADD C SIR
- share in profits
- right to associate with another
1803 1818
CCGGTTFOAS