Acts of Administration (1877) Payments made in the ordinary course of business

Agency
o By the contract of agency 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 by Estoppel
o Arises when one makes a representation to a third party, whether by
words or conduct, that another is his agent, and subsequently that
third party deals with the other as the agent in reliance on such
representation.
Appointment (1923)
o an act of appointing; assigning a job or position to someone.
Arbitration
o The submission of a dispute to an unbiased third person designated by the parties to the
controversy, who agree in advance to comply withthe awarda decision to be issued aft
er a hearing at which both parties have an opportunity to be heard.

Bad faith (1917)

o The fraudulent deception of another person; the intentional or malicious refusal to perfor

Bilateral contract (1927)

o An agreement formed by an exchange of a promise in which the promise of one party is

Broker
o An individual or firm employed by others to plan and organize sales or negotiate contract

Civil interdiction
o A legal restraint upon a person incapable of managing his estate,
because of mental incapacity, from signing any deed or doing any act
to his own prejudice, without the consent of his curator or interdictor.
Commission agent (1903)
o Commission agents--also known as commercial agents--work as
middlemen between vendors and buyers.
Compensation (1875)
o Something, such as money, given or received as payment or reparation, as for a service

m some duty or contractual obligation.

consideration supporting the promise of the otherparty.

s for a commission.

or loss.

Compromise
o 1) n. an agreement between opposing parties to settle a dispute or reach a settlement in
which each gives some ground, rather than continuethe dispute or go to trial. Judges enc
ourage compromise and settlement, which is often economically sensible, since it avoids
mountingattorneys fees and costs. 2) v. to reach a settlement in which each party gives u
p some demands.

Consensual (Characteristic)
o Law Existing or entered into by mutual consent without formalization by document or cer

Consent 1868

emony

Voluntary Acquiescence to the proposal of another; the act or result of reaching an acco
rd; a concurrence of minds; actual willingness thatan act or an infringement of an interest
shall occur.

Consignment (1903)
o The delivery of goods to a carrier to be shipped to a designated person for sale. A Bailm

Contract of Agency 1868

o A consensual relationship created by contract or by law where one party, the principal, gr

ent of goods for sale.

ants authority for another party, the agent, to act onbehalf of and under the control of the
principal to deal with a third party. An agency relationship is fiduciary in nature, and the a
ctions andwords of an agent exchanged with a third party bind the principal.

Contract of partnership
o An association of two or more persons engaged in a business enterprise in which the pro
fits and losses are shared proportionally. The legaldefinition of a partnership is generally
stated as "an association of two or more persons to carry on as co-owners a business for
profit"

Contravention (1918)
o To act or be in violation of (a law, directive, or principle,
o To be inconsistent with; be contrary to:
Countermarks (1904)
o A mark or token added to those already existing, in order to afford security or proof; as, a
n additional or special mark put upon apackage of goods belonging to several persons

Custody (1885)
o The care, possession, and control of a thing or person. The retention, inspection, guardin
g, maintenance, or security of a thing within theimmediate care and control of the person
to whom it is committed.

Damages (1884)
o Monetary compensation that is awarded by a court in a civil action to an individual who h
as been injured through the wrongful conduct ofanother party.

Deterioration (1903)
o To diminish or impair in quality, character, or value
Detriment (1928)
o Any loss or harm to a person or property; relinquishment of a legal right, benefit, or some
thing of value.

Diligence of a good father (1885)

o uggests the kind of diligence that we should all practice when we are
dealing with others and conducting our affairs. The diligence of a good
father of a family reminds us to deal or conduct ourselves to others
with the kind of diligence that we ourselves ought to exercise in
handling the affairs of our own family.
Dissolution
o Act or process of dissolving; termination; winding up. In this sense it is frequently used in
the phrase dissolution of a partnership or an agency

Doctrine of representation
o Purpose of every contract is the ability, by legal fiction, to extend the
personality of the principal through the facility of the agent; but that

the same can only be effected with the consent of the Principal (Orient
Air Service Hotel Representatives v Court of Appeals, G.R. No. 76931)
Due and demandable (1908)
o

A demand is an emphatic claim, which presumes that no doubt exists regarding its legal f
orce and effect. It is a request made with authority.

A money demand is a demand for a fixed sum of money that arises out of an agreement
or contract. Commercial
Paper is frequentlypayable on demand or immediately upon request.

Due diligence (1908)

o Due diligence in a broad sense refers to the level of judgement, care, prudence,
determination, and activity that a person would reasonably be expected to do under
particular circumstances.

Duty of diligence
o a requirement that a person act toward others and the public with watchfulness, attention,
caution and prudence that a reasonable personin the circumstances would. If a person's
actions do not meet this standard of care, then the acts are considered negligent, and an
y damagesresulting may be claimed in a lawsuit for negligence.

Duty of loyalty
o term used in corporation law to describe a fiduciaries' "conflicts of interestand requires fid
uciaries to put the corporation's interests ahead of their own."[1] "Corporatefiduciaries bre
ach their duty of loyalty when they divert corporate assets, opportunities, orinformation for
personal gain."

Duty of Obedience
o requires an agent to carry out his client's legal wishes. No agent is ever obligated to
violate the law. In fact, the law calls for fair and honest dealing, no matter whom the
agent represents
Express Consent (1869)
o Expressed consent may be in verbal, nonverbal or written form and is clearly andunmista
kably stated.

Extinguishment (1919)
o The destruction or cancellation of a right, a power, a contract, or an estate.
Fiduciary
o An individual in whom another has placed the utmost trust and confidence to manage an
d protect property or money. The relationship whereinone person has an obligation to act
for another's benefit.

Fraud (1909)
o A false representation of a matter of factwhether by words or by conduct, by false or mi
sleading allegations, or by concealment of whatshould have been disclosedthat deceiv
es and is intended to deceive another so that the individual will act upon it to her or his le
gal injury.

General Agency (1876)

o someone authorized to transact every kind of business for the principal
Notice (1921)

Information; knowledge of certain facts or of a particular state of affairs. The formal recei
pt of papers that provide specific information.

Good faith (1917)

o

Honesty; a sincere intention to deal fairly with others.

Good faith is an abstract and comprehensive term that encompasses a sincere belief or
motive without any malice or the desire to defraudothers. It derives from the translation of
the Latin term bona fide, and courts use the two terms interchangeably.

Gratuitous
o Bestowed or granted without consideration or exchange for something of value.
Guarantee commission (1906)
o The salesperson receives a minimum income even if commissions don't reach that level.
Guarantor
o n. a person or entity that agrees to be responsible for another's debt or performance und
er a contract, if the other fails to pay or perform.

Heirs (1932)
o An individual who receives an interest in, or ownership of, land, tenements, or hereditam
ents from an ancestor who has died intestate,through the laws of Descent and
Distribution. At Common
Law, an heir was the individual appointed by law to succeed to the estate of anancestor
who died without a will. It is commonly used today in reference to any individual who suc
ceeds to property, either by will or law.

Ignorance (1899)
o want of knowledge or acquaintance with the laws of the land inso far as they
apply to the act, relation, duty, or matter under consideration.
Immovable
o Immovable property is an immovable object, an item of property that cannot be
moved without destroying or altering it - property that is fixed to the earth, such as
land or a house. (See Article 415)
Implied Consent (1869)

o Implied consent is consent which is not expressly granted by a person,

but rather inferred from a person's actions and the facts and
circumstances of a particular situation (or in some cases, by a person's
silence or inaction).
Incompetent (1892)
o not competent; lacking qualification or ability; incapable
Indemnify (1913)
o To compensate for loss or damage; to provide security for financial reimbursement to an i
ndividual in case of a specified loss incurred by theperson.

Inheritance
o Property received from a decedent, either by will or through state laws of intestate succe

Insanity

ssion, where the decedent has failed to execute avalid will.

n. 1) mental illness of such a severe nature that a person cannot distinguish fantasy from
reality, cannot conduct her/his affairs due topsychosis, or is subject to uncontrollable imp
ulsive behavior. Insanity is distinguished from low intelligence or mental deficiency due to
ageor injury

Insolvent (1886)
o It signifies a person whose estate is not sufficient to pay his debts.
Interest (1874)
o A comprehensive term to describe any right, claim, or privilege that an individual has tow
ard real or Personal Property.

Negligence (1895)
o Conduct that falls below the standards of behavior established by law for the protection o
f others against unreasonable risk of harm. A personhas acted negligently if he or she ha
s departed from the conduct expected of a reasonably prudent person acting under simil
arcircumstances.

Newspaper of general circulation (1922)

o Basically, any daily or weekly newspaper that is sold to the public in general
Nonperformance (1884)
o The state of not doing the work one was hired to do.
Novation
o The substitution of a new contract for an old one. The new agreement extinguishes the ri
ghts and obligations that were in effect under the oldagreement.

Obligation
o used in reference to anything that an individual is required to do because ofa promise, v
ow, oath, contract, or law. It refers to a legal or moral duty that an individual can be forced
to perform or penalized for neglectingto perform.

Onerous
o Law (of a contract, lease, etc.) having or involving burdens or obligations that counterbala

Perfection
o relates to the additional steps required to be taken in relation to a security
interest in order to make it effective against third parties or to retain its
effectiveness in the event of default by the grantor of the security interest.
Period
o a length or portion of time.
Pledge (1914)
o A Bailment or delivery of Personal

nce or outweigh the advantages

Property to a creditor as security for a debt or for the performance of an act.

Power of attorney (1871)

o A written document in which one person (the principal) appoints another person to act as
an agent on his or her behalf, thus conferringauthority on the agent to perform certain act
s or functions on behalf of the principal.

Mortgage (1879)
o A legal document by which the owner (i.e., the buyer) transfers to the lender an interest i
n real estate to secure the repayment of a debt,evidenced by a mortgage note.

Sell/Sale (1879)
o transfer of something (and title to it) in return for money (or other thing of value) on terms
agreed upon between buyer and seller. The pricepaid may be based on a posted cost, es

tablished by negotiation between seller and buyer, or by auction with potential buyers bid
ding until thehighest bid is accepted by the seller or his agent (auctioneer).

Prejudice (1883)
o A forejudgment; bias; partiality; preconceived opinion. A leaning toward one side of a cau
se for some reason other than a conviction of itsjustice.

Preparatory Contract
o

type of Contract that it intends to foreshadow, to assure or to outline future

definitive Contract, that gives its reason him of being.

The preparatory contract is in if an obligation, a commitment tocelebrate to

realize to future another contract

o
Prescription

o The acquirement of the title or right to something through its continued use or
possession from time immemorial or over a long period

Preservation (1885)
o Protection of a material from physical deterioration due to natural elements or human acti
vity; by various technical, scientific, and crafttechniques

Principal
o A source of authority; a sum of a debt or obligation producing interest; the head of a scho
ol. In an agency relationship, the principal is theperson who gives authority to another, ca
lled an agent, to act on his or her behalf.

Procuring Cause
o A broker is considered the procuring cause of a sale and is entitled to a commission if the

Purpose of agency (1714a)

broker's efforts are the foundation on whichnegotiations resulting in a sale are begun.

he object is the execution of a juridical act in relation to a third person; G.R. No. L-24332 January
31, 1978
RAMON RALLOS, Administrator of the Estate of CONCEPCION RALLOS, petitioner,
vs.
FELIX GO CHAN & SONS REALTY CORPORATION and COURT OF APPEALS,

Real property
o 1) all land, structures, firmly attached and integrated equipment (such as light fixtures or
a well pump), anything growing on the land, andall "interests" in the property which may b
e the right to future ownership (remainder), right to occupy for a period of time (tenancy o
r lifeestate) the right to drill for oil, the right to get the property back (a reversion) if it is no
longer used for its current purpose (such as use for ahospital, school or city hall), use of
airspace (condominium) or an easement across another's property. Real property should
be thought of asa group of rights like a bundle of sticks which can be divided. It is disting

uished from the other type of property, personal property, which ismade up of movable ite
ms. 2) one of the principal areas of law like contracts, negligence, probate, family law and
criminal law.

Real rights
o any right attached to a property rather than a person. For example, the owner of a prop
erty with real rights hasusufruct as well as the ability to borrow against the property. Re
al rights may attach to both real estate and movable property.

Reasonable opportunity (1737a)

o Reasonable amount of time
Reimburse (1912)
o To pay back or compensate (another party) for money spent or losses incurred.
Representative
o An individual who stands in the place of another.
Repudiate (1869)
o The rejection or refusal of a duty, relation, right, or privilege.
Rescind (1873)
o To declare a contract voidof no legal force or binding effectfrom its inception and ther
eby restore the parties to the positions they wouldhave occupied had no contract ever be
en made.

Revocation (1920)
o To invalidate or cause to no longer be in effect, as by voiding or canceling
Right to appeal

Timely resort by an unsuccessful party in a lawsuit or administrative proceeding to an appropriate

superior court empowered to review a finaldecision on the ground that it was based upon an erro
neous application of law.

Rigor (1909)
o

a. Strictness or severity, as in action or judgment;

a. Strictness in adhering to standards or a method; exactitude

Scope of Authority 1868

o The boundaries of an agent's ability to take actions in furtherance of the objectives of the
agent's principal,or client.Those same boundarieswill also impose liability on the principal
if the agent does something wrongful,without knowledge or approval by the principal,but
within thescope of the agent's authority

Sell on credit (1905)

o to sell something now and let the purchaser pay for it later.
Solidary (1911, 1894)
o Solidary liability refers to liability of any one debtor among two or more joint debtors
to pay the entire debt if the creditor so chooses. It is equivalent to joint and several
liability in the common law.

Special Agency (1876)

an agency confined to some particular matter.

Special Power of attorney (1878)

A special power of attorney, also called a limited power of attorney, grants an

agent (also called an attorney-in-fact) the authority to act on behalf of the
principal (the person granting this authority) under certain, specified
circumstances.

o
Stipulation (1886)
o 2. Something specified or agreed to, as in a contract.
Strict dominion
o Perfect control in right of ownership. The word implies both title and possession and app
ears to require a complete retention of control overdisposition.

Substitute or Subagent SUBAGENT. A person appointed by an agent to perform some duty, or the whole of the business relati
ng to his agency.
2. Sub-agents may be considered in two points of view. 1. With regard to their rights and dutie
s or obligations, towards their immediateemployers. 2. As to their rights and obligations towards t
heir superior or real principals. (1892)

o
Tacitly (1910)
o Implied, inferred, understood without being expressly stated.
o refers to something done or made in silence, as in a tacit agreement. A tacit understandi
ng is manifested by the fact that nocontradiction or objection is made and is thus inferred
from the situation and the circumstances.

Third persons (1900)

o A generic legal term for any individual who does not have a direct connection with a legal
transaction but who might be affected by it.

Unilateral
o Law (of contracts, obligations, etc.) made by, affecting, or binding one party only and not
involving the other party in reciprocalobligations

Venue

A place, such as the territory from which residents are selected to serve as jurors.

A proper place, such as the correct court to hear a case because it has authority over events that
have occurred within a certain geographicalarea.