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17 Cards in this Set

  • Front
  • Back
Respondeat Superior
P.S.
1. Principal agent relationship
2. Scope
The Principal Agent Relationship
A.B.C.
1. Assent (informal agreements)
2. Benefits (Agents conduct benefits principal
3. Control (principal has right to supervise
Sub Agents
None unless ABC
Borrowed Agents
None unless ABC
Independent Contractor
No liability unless power to supervise. Exceptions, ultra hazardous, Estoppel (holdout independent contractor as appearance of agent
Scope
1) Kind
2) Frolic (independent journey) and Detour (mere departure)
3. principal
Intentional Torts
Not liable unless
1. Authorized
2. Natural from the employment
3. motivated by desire to serve principal
Contracts entered into agents
Prinicpal is liable for contract entered into by agent if the authorized the agent to enter the contract.
1. Authorized (oral or written-if the contract is in writing the authority needs to be writing).
2. Implied (Necessity, Custom, prior dealings)
3. apparent (cloaked and third party relied-secret limiting and Lingering authority)
4. ratification (knowledge, and benefits, cannot alter the terms
Duties agent owes to principal
Duty of Care (reasonable person)
Duty of Obedience (obey reasonable instructions)
Duty of Loyalty No
1. Self Help
2. Usurping
3. Secret Profits
4. Damages Disgorge profits
Partnership
1. Association
2. two or more
3. Carrying on
4. co-owenership for bussiness profit.
Sharing Profits
The contribution of money, services in return for a share of profits creation a presumption of a general partnership
Liabilities of Third Parties
1. General partners are liable for partnership obligations
2. Estoppel (representing a third party that a general partnership exists will be liable to a third party)
L, Registered Limited liability partnership
Limited liability
Relationship between partners
Fiduciary duties (accounting
only the share of profits is liquidated transferable profits
without agreement, equal control, no salary, equal profits and losses like profits
Dissolution
1. without an agreement, notice of express will of a GP will start dissolution
Priority
1. All creditors
2. All capital
3. Profits shared equally be partners minus losses.
Distribution
Each partner must repay loans and capital plus share of profits, minus the share of losses.