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19 Cards in this Set
- Front
- Back
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Agency= Principle and agent |
Principle- person asking Agent-person performing what is asking of them |
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____ is the most common and most important legal relationship |
agency |
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Principles use agents to conduct multiple business operations _______ in various locations |
simultaneously |
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The principle has the right to ______ the agent in matters entrusted to the agent |
control |
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Agency is "______" relationship based on trust and confidence |
Fiduciary |
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Agency Relationships 1. Employer-Employee Relationships (most common) -______ are agents -Employment law applies to employers-employees 2. Employer-Independent Contractor Relationship -Employers do not have "____" over detailes of IC's work performance -Agency may or may not be involved depending on facts |
employees are agents control |
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Determination of employment status -Employers must pay ____ on employees -Contractors must pay ____ _______ taxes, which may be higher than employer taxes |
taxes self-employment |
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*see table in notes |
d |
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Generally, Agency Relationships: -Are _______ -Require no _______ -Require ____ (NOT AGENT) to have ____ _____ -Can be created for any ____ purpose |
-Consensual -consideration -principle, contractual capacity -legal |
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Agency by agreement |
Express consent |
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Act or conduct ratifies (approve of conduct or act, even if there wasn't one originally |
agency by ratification |
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Cause 3rd party to believe that this person works as an agenty for me |
agency by estoppel |
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Agency by Operation of Law |
Necessaries, emergency's |
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Right to be compensated, reimbursed, and indemnified and right to work in a safe environment Agent can withhold performance and demand an accounting |
Rights and remedies |
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Principal's Duties to Agent -Compensation (____ or ____) -R_______ and I_________ -C______ -S____ W____ conditions - |
express or implied reimbursement and indemnification cooperation safe working conditions |
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-contact remedies for agent's breach of fiduciary duties -tort remedies if misrepresentation, negligence, deceit, libel, slander or trespass |
rights and remiedies of principals |
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Scope of Agents Authority Principal is liable for agent's acts when agent has either actual or apparent authority ____ authority: express or implied ____ authority: estoppel, emergency, ratification |
Actual authority Apparent |
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Termination of An Agency 1. An act of the _____ 2. By operation of ___ -Death or insanity of either principal or agent: automatic Once agency is terminated, agent has no actual authority (but may have apparent authority) to bind principal |
parties Operation of law |
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Termination by act of parties 1. Lapse of ____ 2. ____ achieved 3. O_____ of specific event 4. M_____ a_____ 5. Termination by ____ ____ 6. Notice of ______ |
time purpose occurrence Mutual agreement one party termination |
