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14 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Basic Agency Fiduciary Duties
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HOLT
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Honest dealing, Obedience (exercise due care, obey, inform), undivided Loyalty (full disclosure, no conflict of interest), Trust
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Involuntary Termination of Agency
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ISIS
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Incapacity, Source of Supply Destroyed, Illegality of Agency K, Subj. Matter of Agency Destroyed
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General Partnership Loyalty Standards
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Fiduciary Duty - DINA
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Due Care, In Good Faith, Not Compete, Account
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Agency Definition
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consensual relationship wherein agent acts on P's behalf in affecting legal relationships with 3P
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Express authority
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Directly given by principal. Actual affirmative appointment
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Implied/inherent auth
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Function of position (carrying out that act part of job)
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Apparent authority
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no actual auth, but P's conduct/actions lead ordinarily prudent person to reas believe agent had auth
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Estoppel
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P's inaction/lack of disclosure or failure to correct estops from denying A's work
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Ratification
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Cures original lack of auth
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When agent Personally liable
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Fails to disclose P, misrepresents scope of auth, acts for self
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Governing Law - Partnership
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Revised Uniform Partnership Act (RUPA) + common law of agency, contracts, torts
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Definition - Partnership
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Association of 2+ persons to carry on as co-owners a business for profit
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Requirements
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No writing, no filing, implied by sharing profits, equal profit-loss unless otherwise agreed, J&S liability, right to maange, contribution
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Can't Restrict
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Access to finance statements, inspect records, eliminate good faith/fair dealing
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