Nature, Form, and Kinds of Agency Flashcards
What is a contract of agency?
In a contract of agency, the agent binds himself to render some service or to do something in representation or on behalf of the principal, with the consent and authority of the latter.
How does the principal accepts the agency?
The principal may expressly accept the agency.
It can also be inferred that the principal impliedly accepts the agency through:
(1) his silence
(2) his lack of action
(3) his failure to repudiate the agency
- knowing that another person is acting on his behalf without authority.
How does the agent accepts the agency?
The agent may expressly accept the agency.
But it can also be inferred that he impliedly accepts the agency through:
(1) his acts which carry out the agency
(2) his silence or inaction according to the circumstances.
What are the forms of agency?
Agency may be oral, unless the law requires a specific form. Example of this is when a sale of a land is done through an agent, the authority of the agent must be in writing.
What are the two kinds of agency?
The first kind is the general agency, which is comprised only of acts of administration.
The second kind is the special power of attorney, which purports to matters involving ownership.
What are the requisites in order for the principal to be bound by the act of the agent as to third persons and as to the agent himself?
(1) The agent must act within the scope of this authority.
(2) The agent must act in behalf of the principal.
