Agency & Partnership Flashcards
What is Respondeat Superior?
A legal principle that holds an employer/principal liable for the acts of its employee/agent if acting within the scope and course of employment.
What is Fiduciary Duty?
The obligation of an agent to act in the principal’s best interests.
What does it mean to Usurp?
To illegally encroach upon another’s rights or take another’s place.
What does Manifestly mean?
Clearly or obviously.
What is a Safe-harbor?
A provision in a statute that deems what conduct will not be in violation.
What is a Ponzi scheme?
A fraudulent investment plan in which money from new investors is used to pay ‘returns’ to earlier investors rather than being invested in legitimate investment.
What is a Quorum?
The minimum number of partners who must be present at a meeting to validly conduct partnership business.
