25 - 28 Agency & Employment Flashcards
- a party who appoints a second party to serve as an agent
- a person who appoints another to contract with third parties, who is primarily liable to the third party or creditor
Principal
- the person appointed to contract on behalf of another
- the party appointed by the principal to enter into a contract with a third party on behalf of the principal
Agent
Agent authorized by the principal to executable / transact specific act(s)
Special agent
Contract under which one party is authorized to contract for another
Agency
Agency arising when person leads another to believe third party is the first person’s agent
Agency by estoppel
A language of business employed to communicate financial information based upon analyzing, recording, classification, summarization, reporting, and interpretation of financial data
Accounting
The omission, annulment, or cancellation of an instrument, act, license, or promise by one doing or making the offer
Revocation
One who contract to perform jobs / certain tasks for a set fee, who is independent of the control of the contracting party as to a means by which the contract is executed, but is controlled only by the specifications established in the contract
Independent contractor
The authority an agent is believed by third parties to have because of the BEHAVIOR of the principal
Apparent authority
Agent who is authorized to execute the principal’s business of a particular kind, or all the principal’s business at a particular place, if not all of one kind
General agent
Bailee seeking to sell property on commission
Factor (commission merchant)
Factor who sells on credit and guarantees price will be paid
Factor del credere
Agent with job of bringing two contracting parties together
Broker
General agent appointed by a written authorization
Attorney in fact
The power to act for someone else
Authority
The authority of an agent, STATED in the document or agreement creating the agency
Express authority
An agent’s authority to do things not specifically authorized in order to carry out express authority
Implied authority
Authority an agent possesses by custom
Customary authority
- a principal’s instrument in WRITING APPOINTING / authorizing one person to act as agent for the principal
- revoked on death of principal by operation of law
- can be general (full) or special (limited)
Power of attorney
- exists when a person executes a POA which will become or remain effective in the event he or she later become disabled
- written appointment of agency that survives incapacity of principal
Durable power of attorney
Agency in which agent has FINANCIAL STAKE in performance of agency because of having given consideration to principal
Agency coupled with an interest
Unilateral act of holder giving up rights in the instrument or against a party to it
Renunciation
The party who employs employees to do certain work
Employer
A federal act which requires most employers and employees to pay taxes to support the federal social security program
Federal Insurance Contributions Act
FICA
Federal legislation requiring employers to check job applicants’ papers to be sure they are either US citizens or aliens authorized to work in the US
Immigrant Reform Act
A governmental agency with the responsibility for regulatory and enforcement of safety and health matters for most US employees; an individual state OSHA agency may supersede the US Department of Labor OSHA regulations
Occupational Safety and Health Act
OSHA
The amount that an employer must withhold from an employee’s pay for income tax purposes
Federal income tax withholding
Wage and Tax Statement; a report furnished by the employer for each employee indicating gross earnings and deductions for income and FICA taxes
W-2 Form
Employees’ Withholding Allowance Certificate
W-4 Form
- Person hired to perform work and who is obligated both as to the work to be done and as to the manner in which it is to be performed
- one who is under the control and direction of an employer with regard to the performance of employment
Employee
Employment terminable by employer or employee for any reason
Employment at will
Employee with the same status and working with another worker
Fellow servant
Theory imposing liability on employers for torts of employees
Respondeat superior
Employer’s right to use employee’s invention without payment of royalty
Shop right
Lie detector
Polygraph
Legislation that guarantees disable people equal access to employment, as well as access to public places
Americans with Disabilities Act
ADA
Federal legislation that requires employers to treat applicants and employees equally regardless of age
Age Discrimination in Employment Act
The absence of employment discrimination based on race, color, religion, sex, or national origin
Equal Employment Opportunity Act
Outlaws discrimination in pay based on the sex of the worker
Equal Pay Act
Alteration of terms or conditions of employment by harassment and abuse based on employee’s membership in a protected class
Hostile work environment
FAIR POLICY disproportionately affecting a protected class of persons
Disparate impact
Group protected by anti-discrimination laws
Protected class
INTENTIONAL DISCRIMINATION against a particular individual because of membership in a protected class
Disparate treatment
Federal legislation that prohibits discrimination on the basis of race, color, religion, sex, or national origin
Civil Rights Act of 1964
Temporary, concerted action of workers to withhold their services from an employer
Strike
Outlaws discriminatory practices in pay ; requires employers to pay a minimum wage to employees and to pay a minimum of one and one0half of the regular wage rate for any hours beyond forty worked in a week
Fair Labor Standards Act
Attempt by employees to stop third party from dealing with employer
Secondary boycott
Agreement between an union and an employer that the employer will not use nonunion materials
Hot cargo agreement
Process by which employer and union negotiate and agree on terms of employment
Collective bargaining
Work setting in which all employees must be union members
Union shop
