Agency

Front 1

vicarious liability for agent

Back 1

1. principal-agent relationship
2. within scope of agency

Front 2

principal-agent relationship requires

Back 2

1. assent between principal and agent
2. benefit the principal
3. control by the principal to supervise manner of performance

Front 3

liability of sub-agents of borrowed agents

Back 3

if A, B, C are met

Front 4

exceptions to independent contractor liability

Back 4

ultra hazardous activities
estoppel- hold out appearance of agency

Front 5

factors for scope of agency

Back 5

1. within job description
2. on the job- detour vs. frolic
3. intend to benefit the principal

Front 6

detour vs. frolic

Back 6

detour- mere departure from assigned task- liable

frolic- new and independent journey- not liable

Front 7

liability of contracts entered by agents

Back 7

liable for contracts authorized to enter into

Front 8

types of authorization to enter a contract

Back 8

1. express
2. implied
3. apparent
4. ratification

if the K must be in writing, the authorization must be too

Front 9

express authority is revoked by

Back 9

unilateral act by either party
death or incapacity of principal

Front 10

implied authority

Back 10

1. necessary to accomplish authorized task
2. custom of this title or position
3. prior dealings between P and A

Front 11

apparent authority

Back 11

1. principal cloaked agent with authority, and
2. third party reasonably relies on the appearance

Front 12

ratification

Back 12

1. principal has knowledge of all material facts
2. accepts benefit
3. cannot alter the terms of the K

Front 13

agents liability for K

Back 13

not liable unless principal is partially disclosed or undisclosed- agent is liable at election of third party

Front 14

duties to principal

Back 14

1. duty of care
2. duty of loyalty
3. duty to obey reasonable instructions

Front 15

duty of loyalty

Back 15

1. self-dealing
2. usurping an opportunity
3. competing venture

Front 16

presumption of partnership is created by

Back 16

contribution of money or services for a share of profits

Front 17

dissociating partner liability on future debts

Back 17

liable until notice to creditors or 90 days after filing notice of dissociation with the state

Front 18

remedy for breach of duty of loyalty

Back 18

losses from the breach and disgorge the profits

Front 19

determining ownership of assets used in a partnership

Back 19

turns on whose money was used to buy the assets, partnership or personal

Front 20

management of partnership

Back 20

absent agreement it is equal control

Front 21

salary in partnership

Back 21

no salary absent an agreement
except for winding up partnership business

Front 22

share of profits and losses

Back 22

absent an agreement:
profits are shared equally
losses are shared the same as profits

Front 23

dissolution of partnership

Back 23

notice of one partner to dissociate

Front 24

priority of distribution in partnership

Back 24

1. all creditors
2. all capital contributions
3. profits and surplus

each partner is liable on loss equally without agreement and must contribute to satisfy levels 1 and 2

Front 25

when must the authorization to enter into a contract be in writing

Back 25

when the contract itself must be in writing