We analyze the role of orbital degeneracy in possible magnetic and orbital instabilities by solving exactly a two-site molecule with two orbitals of either $e_g$ or $t_{2g}$ symmetry at quarter-filling. As a generic feature of both models one finds that the spin and orbital correlations have opposite signs in the low temperature regime when the orbitals are degenerate, in agreement with the Goodenough-Kanamori rules. While Hunds exchange coupling $J_H$ induces ferromagnetic spin correlations in both models, it is more efficient for $t_{2g}$ orbitals where the orbital quantum number is conserved along the hopping processes. We show that the ground state and finite temperature properties may change even qualitatively with increasing Coulomb interaction when the crystal field splitting of the two orbitals is finite, and the Goodenough-Kanamori rules may not be followed.
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