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Partnership, Agency and Trust: A Review of De Leon's Book


Partnership, Agency and Trust are three forms of business organization that are closely related and often taken together as a single course in law schools. They involve the creation of legal relationships among two or more persons or entities for the purpose of carrying on a trade or business. In this article, we will review the book "Comments and Cases on Partnership, Agency and Trust" by Hector S. De Leon and Hector M. De Leon Jr., which is a comprehensive and updated source of information and analysis on these topics.


The book is divided into three parts, corresponding to each of the subjects. The first part covers partnership, which is defined as "a contract whereby 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" (Art. 1767, Civil Code). The authors discuss the nature, characteristics, classification, formation, obligations, rights, dissolution and winding up of partnerships, as well as the relevant provisions of the Corporation Code and the Revised Penal Code. They also provide numerous examples and cases to illustrate the application of the law and the principles of equity and justice.


The second part deals with agency, which is defined as "a contract whereby 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" (Art. 1868, Civil Code). The authors explain the concept, elements, kinds, effects, obligations, rights and termination of agency, as well as the special forms of agency such as commission agency, brokerage, factorship and management contracts. They also highlight the fiduciary nature of agency and the rules on agency by estoppel, ratification and irrevocability.


The third part focuses on trust, which is defined as "the legal relationship between one person having an equitable ownership in property and another person owning the legal title to such property" (Art. 1440, Civil Code). The authors describe the origin, nature, classification, creation, requisites, validity, effects and extinguishment of trust, as well as the distinctions between trust and other similar concepts such as deposit, bailment, usufruct and guardianship. They also examine the different kinds of trust such as express trust, implied trust, resulting trust, constructive trust and spendthrift trust.


The book is written in a clear and concise manner that makes it easy to understand and follow. The authors use simple language and avoid unnecessary jargon. They also provide references to relevant statutes, jurisprudence and doctrines for further study and research. The book is suitable for law students who want to learn the basics of partnership, agency and trust, as well as for lawyers who want to refresh their knowledge or update themselves on recent developments in these fields. 248dff8e21






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