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-one who is engaged in the business of buying & selling for a principal of
personal property, which for this purpose has to be placed in his possession & at
his disposal
cestui que trust
-another term for beneficiary, a person who has beneficial interest in the property
held in trust
acquisitive prescription
-mode of acquiring ownership were property is acquired thru lapse of time.
contract of partnership
- a contract where two or more persons bind themselves to contribute money,
property, or industry to a common fund with the intention of dividing the profits
among themselves. two or more persons may also form partnership for the
exercise of profession. where immovable property is contributed, a public
instrument must be necessary.
guaranteed commission
-additional compensation for the risk of collection
what are the different cases or instances where an agent shall have to secure a
SPA in order to bind his principal?
-to make such payments as are not usually considered as acts of administration
-to waive any obligations gratuituosly
-to affect novations which put an end to obligations arleady in existence at the
time the agency was constituted
-to bind the principal in a contract of partnership
-to accept or repudate inheritance
-to ratify or recognize obligations contracted before agency
-to obligate the principal as surety
what is the effect when 2 contracts are entered which are incompatible with each
other?
-when agent & principal entered into seperate contracts which are incompatible
with each other, the contract that which has prior date shall be preferred, without
prejudice to the provisions of art 1544 (law on double sale)
what is the rule when agents advances necessary expenses? is the agent
allowed indemnity in case of damages in the execution of the agency?
-the principal must reimburse the agent for the advances that was made thereof.
in the event that the business or undertaking was unsuccessful the agent must
still be reimbursed provided that the agent is free from fault.
the reimbursement must also include interest (art 1912)
doctrince of necessity
-is the doctrine which mandates that by virtue of existnce of an emergency, the