can I get a wha wha Flashcards

1
Q

Respondeat Superior/ Vicarious Liability

A

two aprt test: 1. principal-agent relationship and 2. tort was committed bt tthe agent wihtin tthe scope of that relationship

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2
Q

The Prcipal agent relationship

A

Assent, benefit, control

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3
Q

Assent

A

informal agreement between principal who has capacity and agent

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4
Q

benefit

A

agents confuct must be for principal’s benefit

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5
Q

Control

A

principal musth ave right to control the agent

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6
Q

sub-agent: will principal be civariously liable?

A

only if there is assent, benefit and control between principal and sub agent tort-feasor; principal typically does not assent and does not have right to control so usually no VL

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7
Q

Borrowed agent: will principa who borrows another principals aetn be VL for borrowed agent’s tort?

A

only if there is assent, benefit, control between borrowing principal and borrowed agent

typicallt, no right to control so no VL

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8
Q

Agents v. IC

A

distinction: no right to control an IC because no power to supervise
- no CL for torts

Exceptions:

1) inherently dangerous activities
2) estoppel: if you hold out IC with appearanceo f afency you will be estopped form denying liability

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9
Q

Scope of Principal-Agent Relationship Factors

A
  • of the kind hired to perform? in job description?
  • frolic or detour? Frolic = a new and independent journey. Detour = mere departure from assigned task
  • intend to benefir principal? if even in part, then in scope
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10
Q

Intentional torts and exceptions

A

not liable

exceptions:

  1. authorized by principal
  2. conduct was natrual from nature of employment
  3. motivated by desire to serve principal
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11
Q

Liability of Principal for Contracts entered by Agents

A

TesT: Is liable for contracts entered into by agent only id the principal authorized the afent to enter the contract

  • four types of authorrity: actual express, actual implied, apparent, ratification
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12
Q

actual express

A
  • used words to express authority
  • can be oral and private
  • narrowly construed

Exception:
if contract itself msust be inwritign then express authority must also be in writing ie. land sale

Revoked by:

  1. unilateral act od either the principal or the afent or
  2. death or incapacirt of the principal

Exception to revocation : if principal giced agent durable power of authority to written expression for clear survival of death.

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13
Q

Actual Implied Authority

A

Auhtority which gives auhtority through conduct or circumstance: necessity, custom, prior acquiesence by principal

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14
Q

Necessity

A

implied auhtority to do all the tasks which are necessary to accomplish expressly auhtoprized task

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15
Q

Custiom

A

implied auhthorit to do all tasks which by ciustom arep erformed by persons with agents title or position

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16
Q

Prior Acquiescence by principal

A

implied authority to do all the tasks which afent leaves to authroized by prior acquiesence
- prior silence to raks counts

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17
Q

Apparent Authority

A

Two part tesT: 1. Principal cloaked agent wiht appearanceof authority and 2. 3P rasonably relies on appearance of authority

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18
Q

Ratificaiton

A

Authority can be granted after the L has been entered if:
1. prinicpal has knowledge of all material facts regarding the K and
2, Principa laccepts its benefits
3. Exception: cannot alter terms of the K

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19
Q

Rules ofLiabilty on the K

A

Principal is liable on authorized K and therfore as a rule authorized adent is not liable on authorized K

Exception: the undisclosed principal - if principal is partially discles or undisclosed , authorized afent may nonetheless be liable at the election of 3p (3P chooses who to sue!)

20
Q

Duties owed to Principal and remedies

A
  1. duty of care
  2. duty to obey instructions that are reaosnable
  3. duty of loyalty

Princpal’s remedu: may recover losses caused by breach and alsoe dislodge profits made by breaching agent

21
Q

Duty of Loyalty

A

never do any of the following:
1. self dealing - agent cnanot receive benefit to detrimen of principal

  1. usurping the principal’s opportunity
  2. secret profits - making a profir at the principal’s expense without disclosure
22
Q

Partnership formation and Defijition

A

Formaiton: no formalities
Definition: a GP us an association of 2 or more persons who are carrying on as co ownderso f a buisiness for profit

Sharing of proits is a key factor:
-contribution of movney capitol or sercices creates a peresumption that GP exists by salart doesn’t; have to have share in profit

23
Q

Liabilitues of GP to 3P

A
  1. aprteners are afents of the partnership for apparently carryong on usual partnership business
  2. therefore, the fenetal partnership is liable for each partner’s torts in the scope of partnership business and for eacgh partner’s authroized K
24
Q

GP liabilty for debts

incoming partner?
Dissociating partner?

A

Each General Partner is personally liable dor al lDebts of the Partnership and for each co-partnerts torts

  1. incoming parnet’s not liable for prior debts but any monet brought i nby new partner can be used to satisfy those debts
  2. dissosicating partners retain liabolity on all future debts until actual norice of dissociation is fgiven to credityos or until 90 days after filing notice of disocciation to the state
25
GP liabilirt by estoppel
ine who represents to a 3P that a general partnership exits wiill be liable as if a general partnership exists
26
Rights and Liabilirties between Genreal PArtners
Ficdicuaries of each other and the parntership 1. therefore, general partners owe to each other and the partnership: dirty of loyalty, which means that feneral partners may bever enfage in self- dealing, usurp, or secret profit 2. action for accountin cover losses caused by breach and dislodgedp roits of parner as well
27
Partner's rights in partnerhsip property and liquidity
loo kto whose money was sued to buy property. if personal money, they personal property, If partnership money, belongs to partnership
28
Share of profits:
Personal to parties so they can be transfered by individual parties to 3P
29
share in management
asset only owned by partnership itself and thereforem ay bot be transferredb y individual partners
30
sp[ecidic partnership assets
such as land, leases and equipment owned buy partnership itslef and therefore cannot be transferred by party w/o opartnership conset
31
Maangement of GP
Absent an agreement, entitlred to equal control Ordinary matters: majority Fundamental matters: need unanimosus
32
GP Salary
Absent an agreement, partners get NO SALARY exception: partners receive compensation for helping to wind up partnership's business
33
Partner's share of prifits and losses
absent an afreement, profits shared equallt and losses shared like profits
34
GP Dissolition
absence of agreement that sets forth events of disspoltuion, a GP dissolves wupon notice of express will of any one to partner partner to dissociate
35
Real end of partnership
Termination
36
Winding up
period between dissolution and termination in which remaining partners liquidate partnerships assets to saitsfy creditors
37
Partnerships liability upon dissolution
old business: the partnerhsiup and therefore its indicudieal genrealy partners retain liabilirt on all reansaction to whind up by satisfying creditors that existes new businesS: partnership and individual general partners retain liabilirt on bran new transactions during windingu p until nnotice of dissolutioin given to creditors or until 90 days after filinf statelment of dissolution
38
Priority of Distribution at winf up
Each level of priority must be fully satisfied before beginning the next level 1. all creditors including inside partners 2. all capital contributions paid into partnership by the partners - msut get full payment even if it cuts into profit 3. profits, if any Rule: each partner must be repaid his or her loand and capital contributions plus that partner's share of any profits minus that partner's share of any losses
39
Limited Partnership
define: PArtnerhsip with at least one general partner and at lease one limited partner formation: file limited partnership certificare wiht all names of general partners
40
LP: Liability and control
general partners: liable for all LP onligation. still have right to manage business Limited partners: limited liability.not liable for debts and oblifations - control: most states -limited partners maty not manage - newly revised uniform limited partnership act: limited partners may manage business without forfeiting limitedp partner statues/liability
41
Registered Limited Liability Partnership
formation: filing statemetn of qualificaiton plus annual reports liabilities: no partner is liable for debts and oblifations; not even general partners!
42
Limited Liabilirt Companies
Defined: hybrif beween a corp and a partnership in which oweners have same rights and limitd liabiliries of shareoholders of corp and partnership taxation (partnerhsip taxation is mroe friendly than corp tax) Formation: aMUST articles of organization and MAY adopt operating statement Control: member may manage biz or delegate control to team of management that alike a BOD in corp Limited liquidity: membership interest may not be transfered without unanimos consent of members or authorized by opearting agreement Limited life: dissolve with unanimous consemnt of members or as in operating agreement
43
LP: Liability and control
general partners: liable for all LP onligation. still have right to manage business Limited partners: limited liability.not liable for debts and oblifations - control: most states -limited partners maty not manage - newly revised uniform limited partnership act: limited partners may manage business without forfeiting limitedp partner statues/liability
44
Registered Limited Liability Partnership
formation: filing statemetn of qualificaiton plus annual reports liabilities: no partner is liable for debts and oblifations; not even general partners!
45
Limited Liabilirt Companies
Defined: hybrif beween a corp and a partnership in which oweners have same rights and limitd liabiliries of shareoholders of corp and partnership taxation (partnerhsip taxation is mroe friendly than corp tax) Formation: aMUST articles of organization and MAY adopt operating statement Control: member may manage biz or delegate control to team of management that alike a BOD in corp Limited liquidity: membership interest may not be transfered without unanimos consent of members or authorized by opearting agreement Limited life: dissolve with unanimous consemnt of members or as in operating agreement