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9 Cards in this Set
- Front
- Back
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Agency
Principal's liability for Agent's Torts |
A. Assent
B. Benefit (no vicarious liability for IC torts) C. Control (int. torts generally outside the scope) + Scope |
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Agency
Principal's liability for Agent's Contract |
A. Express Authority --> Oral, except equal dignities. Revocable, unless durable
B. Implied Authority --> Necessity, Custom, or prior dealings C. Apparent Authority = principal cloakes + third party relies D. Ratification = knowledge + acceptance of benefits E. Authorized Agent not liable unless UNDISCLOSED PRINCIPAL |
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Agency
Duties agent owes principal |
Care
Obedience Loyalty (disgorge profits) |
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Partnership
Formation |
A. No general partnership formalities
B. Association, 2 or more persons, carrying on as co-owners a business for PROFIT |
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Partnership
Liabilities to Third parties |
A. General Partners are LIABLE for all partnership obligations
B. Estoppel --> Representors are liable as if general partners C. Limited Partners + Registered Limited Liability Partners have LIMITED LIABILITY |
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Partnership
Relations between Partners |
A. Fiduciaries --> Accounting for profits
B. Only the share of profts is liquid/transferrable personal property C. Without an agreement, equal control, no salary, equal profits, losses like profits |
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Partnership
Dissolution Definitions |
Dissolution = without an agreement, 1 gen. partner's express will to disassociate
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Partnership
Dissolution Priority |
1. All creditors
2. All capital contributions 3. Profits, if any, shared equally without an agreement |
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Partnership
Dissolution Distribution Rule |
Each partner must be repaid their loans + capital contributions + thier share of profits, but also minus thier share losses
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