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REG > Business Law VII: Agency, Federal Personal Property Laws > Flashcards

Business Law VII: Agency, Federal Personal Property Laws Flashcards

1
Q

Special Agent

A

One authorized to conduct single transaction/series of related transactions on principal’s behalf

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2
Q

General Agent

A

One authorized to conduct all necessary personal/business transactions for principal

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3
Q

Universal Agent

A

One authorized to do all acts that can be legally delegated to an agent

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4
Q

Power of Attorney

A

Formal written creation of agency relationship that lists authority granted

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5
Q

Independent contractor

A

Someone who acts on behalf of a principal, but principal does not control agent’s day-to-day activities and scope of independent contractor is limited

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6
Q

Express Agency Relationship

A

One in which principal orally or in writing delegates authority to another

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7
Q

Apparent Agency Relationship

A

Agent does not have express agreement but still has authority to act as an agent for a principal because of the appearance of having that authority.

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8
Q

Duties of Principal to Agent

A
  1. To comply with agency agreement

2. To reimburse reasonable expenses

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9
Q

Duties of Agent to Principal

A
  1. Fiduciary - supreme duty of loyalty, cannot make profit at principal’s expense
  2. Duty of obedience - follow principal’s instructions
  3. Reasonable care - theoretically liable in negligence to principal for damage caused by carelessness
  4. Accounting
  5. No co-mingling
  6. Disclosure - must inform principal important info
  7. Loyalty (no competition, no conflict of interest)
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10
Q

Termination of Agency Relationships by act of parties

A
  1. Fulfillment
  2. Lapse of Time
  3. Specified Event
  4. Mutual Agreement
  5. Unilateral act of one party
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11
Q

Agency couple with an interest

A

Unique agency relationship created in writing that gives the agent some interest vested in the property that is the subject matter of the agency relationship

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12
Q

Termination of Agency Relationship by operation of law

A

Termination by:

  1. Death of principal or agent
  2. Insanity of the principal
  3. Bankruptcy
  4. Change of law
  5. Circumstances such as loss/destruction of subject matter
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13
Q

Disclosed Principal

A

3rd party is aware that the agent is acting for principal and 3rd party knows who principal is

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14
Q

Disclosed Principal with actual authority

A

Principal is ONLY liable to 3rd party

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15
Q

Disclosed Principal with apparent authority

A

Principal is ONLY liable to 3rd party, but agent is also liable to principal for acting without express/implied authority

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16
Q

Agent’s Tort Liability

A

Agents are liable for the torts they commit

17
Q

Principal’s Tort Liability through Conduct

A
  1. P liable for A’s torts if A was doing as P instructed/ordered
  2. P liable if P hires A not qualified to perform job assigned
  3. P liable for torts of A if P failed to supervise properly
  4. P liable for torts of A if P was negligent in hiring/retention
18
Q

Vicarious Liability

A
  1. Master-Servant relationship
  2. Scope of employment
  3. “extra-harzardous activity”
  4. “nondelegable duty”
19
Q

Antitrust Law: Sherman Act (1890)

A
  1. prohibits “contracts, combinations, conspiracies in restraint of trade”
  2. prohibits ‘monopolization, attempts to monopolize, conspiracies to monopolize”
20
Q

Antitrust Law: Clayton Act (1914)

A
  1. prohibits price discrimination
  2. prohibits some tying/exclusive dealing arrangements
  3. forbids anticompetitive mergers
  4. prohibits interlocking directorates among large corporations that compete w/ each other
21
Q

Antitrust Law: Federal Trade Commission Act (1914)

A
  1. created by FTC to enforce antitrust laws

2. prohibits “unfair methods of competition”

22
Q

Antitrust Law: Robinson-Patman Act (1936)

A

amends Clayton Act to make law against price discrimination more effective

23
Q

Antitrust Remedies

A
  1. Dept. of Justice Antitrust Div. can bring criminal/civil lawsuits against violators
  2. FTC can enforce Clayton, Robinson-Patman, FTC acts
  3. Private parties can file civil lawsuits claiming violation of Sherman, Clayton or Robinson-Patman acts and seek 3x damage
24
Q

Antitrust Exceptions

A
  1. Labor union collective bargaining activity generally exempt from antitrust laws
  2. Public utilities/common carriers generally exempt b/c of separate regulation
25
Q

Sherman Act Section 2 Violation elements

A
  1. Overwhelming market power

2. Intent to monopolize

26
Q

Antitrust and Mergers (Clayton Act 7)

A
  1. Horizontal - especially likely to diminish competition, will draw regulatory attention if combined market shares exceed 30%
  2. Vertical - between companies in dist. chain, less likely to diminish competition
  3. Conglomerate - (mfg buys chain of ice cream stores) highly unlikely to face antitrust challenge
27
Q

Copyrights

A

Designed to protect “original works of authorship”

To be protected, expressive work must be:

  1. fixed in some tangible medium of expression
  2. creative
  3. original
28
Q

Length of Copyright Protection

A
  1. life of author, plus 70 years

2. work-for-hire: shorter of 95 years from date of publication or 120 years from creation

29
Q

Patent

A

Government-granted exclusive right to make, use or sell an invention.

Governments protect patents in order to encourage inventive activity.

30
Q

Patents are recognized for:

A
  1. Processes
  2. Machines
  3. Products
  4. Compositions of matter
  5. Any improvements on the above.
  6. New plant species
31
Q

An invention may be patented if:

A
  1. It is patentable subject matter
  2. It is useful
  3. It is novel (new/created by inventor seeking patent)
  4. Nonobvious to a person with ordinary skill in that area
32
Q

Patent Filing

A

U. S. Patent and Trademark Office (PTO)

“first-to-file” gets the patent

33
Q

Length of Patent Protection

A
  1. Utility patent = 20 yrs from filing

2. Design patent = 14 yrs from filing

34
Q

Money Laundering

A

Process by which one conceals existence, illegal source, illegal application of income, and disguises income to make it appear legitimate

35
Q

Bank Secrecy Act of 1970 (BSA)

A

Requires record keeping/reporting by banks to trace movement of currency into and out of country

  1. report cash transactions over $10K
  2. identify persons conducting all transactions
  3. maintain traceable paper trail
36
Q

31 U.S.C.

A

Helps prevent evasion of BSA by making it illegal to break large transactions down in to pieces smaller than $10K

37
Q

Money Laundering Control Act of 1986

A

Section 1956 Prohibits:

  1. transaction money laundering
  2. transportation money laundering

Section 1957 addresses monetary transactions in criminally derived property over $10K

REG (26 decks)

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