1. AGENCY A contract of agency is one whereby a person (agent) binds himself to render some service or to do something in representation or on behalf of another (principal, with the consent or authority of the latter (1868)

2. CHARACTERISTICS (PF-BORN-CP)1. Preparatory 2. Fiduciary3. Bilateral (may be unilateral)4. Onerous (generally)5. Representative Relation6. Nominate7. Consensual8. Principal