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46 Cards in this Set
- Front
- Back
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Agent |
A person who acts on behalf of another |
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Principal |
Person who needs these duties done |
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Duties of Principles |
Compensation Reinbursement Indemnification Cooperation |
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Duties of Agents |
Performance Loyalty Obedience Accounting Notification |
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Disclosed |
Principal knows third party |
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Undisclosed |
Principal's identity is unknown, thinks agent is principal |
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Partially |
knows they are dealing with an agent but identity of principal is unknown |
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Respondeat Superior |
Principal or employer are responsible for wrongful acts of agents or employees while under scope of their employment or agency |
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How can one terminate an Agency Relationship |
Lapse of Time Purpose achieved Occurence of specified event Mutual Agreement Termination by one party |
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Employees vrs. Independent Contractors |
How much oversight is provided Length of employment Method of payment (By period or job completion) |
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Title VII of the Civil Rights Act |
Holds employer liable Ellerth/Faragher affirmative defense: Once employer knows about sexual harassment, they must take reasonable care to prevent and correct the behavior |
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Types of Sexual Harassment |
Quid pro quo Hostile work environment |
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Quid pro quo |
Doing sexual stuff to keep job or get a promotion |
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Hostile work environment |
Unwelcomed conduct based on sex that is abusive and offensive |
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Age discrimination in employment act |
Applies to people over 40 |
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Defense employer has to employment discrimination claim |
Employment at will: Either party can terminate relationship at any time |
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Exceptions to employment at will |
Contract theory Tort theory Public policy |
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Americans with disabilities act |
Plaintiff must show: 1) Went to EEOC 2) Only thing excluding u from job is disability 3) Employer must have at least 50 employees |
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Family and Medical Leave Act |
Requires employers with over 50 employees to provide 12 weeks unpaid leave to employees who need to care for their family |
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Fair Labor Standards Act |
Wages |
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Comprehensive Omnibus (COBRA) |
Provides a federal right to continued health insurance, worker has 60 days to decide, continuation of policy will be at worker's expense |
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Sole Proprietorship |
One owner, debts of company are with them |
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Partnership |
Two or more owners, partners are the same as the company in the eyes of government (debts tranferable) |
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Limited Liability Company |
Pass through taxation like with partnerships and sole proprietorships but have limited liability of a corporation |
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Corporation |
A bunch of people acting as a single identity, taxed, enter into contracts, and borrow money seperately |
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Different types or partnerships |
General partnerships: share equal rights Limited partnership Limited liability partnership |
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Limited partnership |
each partner can restrict their liability in the company, dont conduct in business management |
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Limited Liability Partnership |
Retain tax advantage of partners, partners liability is seperated based on their own decisions |
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Quorum |
Minimal number of people present in order for a vote to happen or a meeting to take pace |
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Business judgement rule |
Presumption that decisions made about a business were made with the best interests for the business itself |
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Who is involed in a corporation |
Directors: Serve for 1 year, make business decisions, audit and executive committee. Officers and executives: Hired by board of directors, duty to make informed and reasonable decisions, excersize reasonable supervision |
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Securities Act of 1933 |
Purpose is to protect investors |
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Securities Exchange Act of 1934 |
Section 10(b): Prohibits use of any manipulative or deceptive device, Prohibits fraud in purchase or sale of securities |
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Sarbanes-Oxley Act of 2002 |
Requires that officers certify info on financial statements and make sure info is correct, makes auidtors necessary and cant be part of company, prevents upper people from saying they didn't know people below them were doing anything illegal |
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Insider Trading |
Taking info that hasn't been made public yet and trading |
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Tipper/Tippe Theory |
Insiders fiduciary duty is breached |
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Misappropriation Theory |
One wrongfully recieves inside info and passes it on |
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Securities and Exchange Act of 1934 |
16 (b): requires recapture of all short-swing profits by insiders to corporation; within 6 months |
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land |
soil, artifical structures, non-navigable waters |
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Fixtures |
Plant life and vegetation, they are real property |
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warranty deed |
provides most protection for grantee, grantor promises that they have title to property and that there is nothing undisclosed |
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Special Warranty deeds |
warrants only that the grantor held good title during his or her ownership ex: bank sells forclosed property |
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Quitclaim deed |
Conveys only whatever interest the grantor had in the property and therefore offers little protection against defects |
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Adverse Possession |
Takes 15 years, the occupation of land trying to claim as ones own |
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Elements of Adverse Possession |
Open, Continous, Exclusive, Actual, Notorious, Hostile |
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Eminent Domain |
The power of government to take land from private citizens for public use on the payment of just compensation- market price |
