g3 identification Flashcards
It is a form of agency that arises when the principal’s actions, silence, or failure to repudiate indicate consent to the agency relationship.
Implied Agency
Under the Nature of Agency, it is based on trust and confidence.
Personal Nature
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
Under the ways of informing Third Persons, if a person states by public advertisement that he has given a power of attorney to a third person, the latter thereby becomes a duly authorized agent with regard to any person.
Public Advertisement
It is a contract where a debtor delivers a movable property to a creditor as security for a debt.
Pledge
It is a legal term that refers to a contractual clause in a pledge or mortgage agreement where the creditor automatically acquires ownership of the collateral in case the debtor defaults.
Pactum Commissorium
It refers to a loan where real property (such as land or buildings) is used as collateral.
Real Mortgage
It involves personal property (often movable items) being used as collateral for a loan. This type of mortgage is often used for items like cars, machinery, or other equipment.
Chattel Mortgage
It is a type of agent or entity that acts on behalf of another (the principal) to perform specific tasks or transactions, and receives compensation in the form of a commission for their services.
Commission Agent
It is also known as the “Del Credere Agency.”
Guarantor Agency
This provision incentivizes the agent to be careful in selecting buyers and managing credit terms. Since they are taking on the risk, they have a strong interest in ensuring the buyer is creditworthy.
Due Diligence
This specific article says that when two or more principals have granted a power of attorney for a common transaction, any one of them may revoke the same without the consent of the others.
Art. 1925
This specific article says that the appointment of a new agent for the same business or transaction revokes the previous agency from the day on which notice was given to the former agency, without prejudice to the provisions of the two preceding articles.
Art. 1923
This specific article says that the principal may revoke the agency at will, and compel the agent to return the document evidencing the agency. Such revocation may be express or implied.
Art. 1920
This specific article says that if agency has been entrusted for the purpose of contracting with specified persons, its revocation shall not prejudice the latter if they were not given notice thereof.
Art 1921
Under the ways of informing Third Persons, if a person specially informs another that he has given a power of attorney to a third person, the latter thereby becomes a duly authorized agent with respect to the person who received the special information.
Special Information
The power of attorney shall continue to be in full force until the notice is rescinded in the same manner in which it was given.
Manner of Rescission
Under the Nature of Agency, the agent acts on behalf of the principal, and their decisions and actions, are legally considered as the principal’s actions.
Representative Nature
Under the Nature of Agency, the agent’s authority comes directly from the principal and is limited to the powers granted. Actions beyond this authority may not be legally binding.
Derivative nature
It is the person who grants authority to another to act on their behalf.
Principal
