TRUE OR FALSE

1. The acts of the agent on behalf of the principal within the scope of his authority produce the same legal and binding effects as if they were personally done by the principal

2. Payment to the original creditor is valid and the debtor shall be released from his obligation even if payment was made after notice to the debtor of the assignment of credit.

3. There must be a price/consideration in a contract of agency

4. An agency for the sale of real property may be oral or in writing

5. In legal redemption, tender of payment is not necessary.

6. The right of legal pre-emption or redemption shall not be exercised except within 30 days from verbal notice given by the vendor. A, B and C are co-owners of a parcel of land; if A sells his interest to C, B may exercise the right of legal redemption against C

7. In legal redemption, there is reservation by contract of the right to repurchase the thing sold.

COMMON, SPECIAL, OR EXTRASPECIAL

1. Loss of the subject matter

2. Rescission of sale by unpaid seller

VALID OR VOID

1. Agency without compensation of the agent

2. Agency for the sale of fenced goods

3. Agency to enter into compromise, to renounce the right to appeal from a judgment

QUESTION: "Agency is fiduciary in nature." What does this statement mean?