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17 Cards in this Set
- Front
- Back
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Principal vs Agent |
duties each owe to the other look up |
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Principal vs Third Party |
look up |
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Actual Authority |
that authority given to the agent expressly by the principal |
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Implied Authority |
authority given to accomplish the goals of the agency relationship |
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Apparent Authority |
no authority whatsoever, words of acts by the Principal to 3rd parties allowing the 3rd party to believe A has actual authority, but still binds P to the third party |
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Respondia Superior |
let the master answer for the torts of his/her servant |
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Is agent an employee or independent contractor? -what is most important factor |
who has control of the agency relationship if P has control, A is employee if A has control, A is an independent contractor |
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Fiduciary duties |
agents owe principals certain fiduciary duties where property holds and controls property/rights of another. Highest standard of care - those owing a fiduciary duty have a responsibility to act with highest qualities of good faith/fair dealing/pure/beyond reproach/beyond question |
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Duty of Loyalty |
agent must act on behalf of the principal only, not on behalf of the agent or another principal |
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Principal's duties to Agent |
to compensate for services to indemnify/reimburse the A for losses incurred by the A in the performance of the agency |
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To avoid apparent authority after termination of agency relationship, Principal must: (2 things) |
have direct contact informing those 3rd parties with whom the Agent dealt of the termination provide constructive notice by publishing notice of the termination in a local newspaper where the agency occured |
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look up more on agency relationships |
okay |
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Agent is liable to 3rd party for unauthorized contracts unless: |
agent has notified the 3rd party that he/she is not warranting authority Principal ratifies the contract 3rd party actually knows that the agent had no authority |
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Tort |
violation of an individual civil right |
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Can principal be held liable for the torts of the agent? |
Respondeat superior - P is liable for torts of A committed if In scope of employment |
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4 things to be in scope of employment |
Was conduct the kind the employee was employed to perform? need only to be of general nature Did conduct occur substantially within the authorized time period? Did it occur substantially within the location authorized by the employer? Was conduct motivated in part by a purpose serving the employer? |
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Direct Liability for employees (3 things) |
if Principal directs agent's conduct and intends that it occur can be if principal intended agent to commit tort, or if agent's conduct is intentional, reckless or negligent most commonly in negligent hiring or supervision (P is not liable for torts committed by ind. contractor) |
