Agency, Partnerships, LLCs Flashcards
1
Q
Tort Liability in Agency
A
A master is jointly and severally liable for a tort committed by a servant in the scope of employment.
2
Q
Tort Liability of LLC Members
A
Members are liable for their own torts but are not vicariously liable for the torts of others.
3
Q
Contract Liability in Agency
A
A principal is liable on a contract executed by an agent who has actual authority to bind the principal.
4
Q
Contract Liability of LLC Members
A
The firm is liable for its contracts, but its members are not liable
