Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

BLAW II > Exam 2 CHP 32,33,36 > Flashcards

Exam 2 CHP 32,33,36 Flashcards

1
Q

Refers to a person having a duty created by his or her undertaking to act primarily for another’s benefit in matters connected with the undertaking. Trust and confidence

A

Fiduciary

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

A person who contracts with another to do something for him but who is not controlled by the other nor subject to the other’s right to control with respect to his physical conduct in the performance of the undertaking.

A

Independent Contractor

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Any copyrighted work created by an employee within the scope of her or his employment at the request of the employer.

A

Work-for-hire

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

True or false.
When an employer hires an independent contractor, any copyright created normally belongs to the employer.

A

False

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

An agency which is based on an express or implied agreement that the agent will act for the principal and the principal agrees to have the agent so act.

A

Agency by Agreement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

An agency where a person who is in fact not an agent makes a contract on behalf of another. If the principal approves or affirms that contract by word or by action then the agency is….

A

Agency by Ratification

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

An agency where a principal causes a third person to believe that another person is the principal’s agent, and the third person acts to his or her detriment in reasonable reliance on that belief.

A

Agency by Estoppel

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

An agency relationship based on social or legal duty - such as the need to support family members or emergency situations when the agent is unable to reach the principal.

A

Agency by Operation of Law

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What are the 5 duties of the agent?

A
  1. Performance
  2. Notification
  3. Loyalty
  4. Obedience
  5. Accounting
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What are the 4 duties of the principal?

A
  1. Compensation
  2. Reimbursement and Indemnification
  3. Cooperation
  4. Safe Working Conditions
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

The agents duty to act solely for the benefit of his or her principle. Involves confidentiality.

A

Loyalty

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

The agent has a duty to follow all lawful and clearly stated instructions of the principal. May change during emergency situations.

A

Obedience

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

The agent must keep and make available to the principal of all property and funds received and paid out on the principals behalf.

A

Accounting

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Whenever an agent disburses funds at the request of the principal or when the agent incurs liabilities because of authorized and lawful acts and transactions.

A

Reimbursement and Indemnification

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

A principal has a duty to assist the agent in performing his or her duties.

A

Cooperation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What are the agent’s 3 rights and remedies against the principal?

A
  1. Tort and Contract Remedies
  2. Demand for an Accounting
  3. No Right to Specific Performance
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What are the principal’s 3 rights and remedies against the agent?

A
  1. Constructive Trust
  2. Avoidance
  3. Indemnification
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

When there is no contractual relationship between agent and principal, the agent isn’t forced to continue agency.

A

No Right to Specific Performance

19
Q

Anything that an agent obtains by virtue of the employment or agency relationship belongs to the principal. The agent must hold it in a separate accounting or holding for the principal to pickup.

A

Constructive Trust

20
Q

An authority declared in clear, direct, and definite terms. Orally or writing.

A

Express Authority

21
Q

When the contract being executed is or must be in writing, then the agent’s authority must also be in writing.

A

Equal Dignity Rule

22
Q

When an agent is conferred powerful express authority through written document and is notarized. May be special or general.

A

Power of Attorney

23
Q

An agent has the ______ authority to do what is reasonably necessary to carry out express authority and accomplish the objectives of the agency.

A

Implied Authority

24
Q

An agent has ____ authority when the principal, by either word or action, causes a third party to reasonably believe that the agent has authority to act, even though the agent doesn’t have express authority.

A

Apparent Authority

25
Q

True or false.
The courts cannot apply agency by estoppel to apparent authority given by the principal.

A

False

26
Q

True or false.
When an agent acts outside their scope of express, implied, or apparent authority, and the principal doesn’t ratify, the principal is still required to follow through the agents actions.

A

False
The principal must ratify an agents unauthorized acts for their to be a contract

27
Q

A principal whose identity is known by the third party at the time the contract is made by the agent.

A

Disclosed Principal

28
Q

A principal whose identity is not known by the third party. However, the third party knows that the agent is or may be acting for a principal at the time the contract is made.

A

Partially Disclosed Principal

29
Q

When an agent believes he has the authority to enter into a contract on behalf of the principal, but the principal does not agree to ratify, preventing the principal from liability.

A

Implied Warranty

30
Q

A semiautonomous software program that is capable of executing specific tasks, such as searching through databases and finding relevant information for the user.

A

E-agent

31
Q

Latin for, “let the master respond”. A doctrine that makes the principal-employer liable for any harm caused to a third party by an agent-employee in the course or scope of employment.

A

Respondeat Superior

32
Q

The employer is charged with knowledge of any dangerous conditions discovered by an employee and pertinent to the employment situation.

A

Notice of Dangerous Contidions

33
Q

True or false.
An employer never has liabilities involving independent contractors, even when the activities are hazardous like poisonous gas, explosives, or chemicals.

A

False
The exception to liabilities pertaining to independent contractors are hazardous activities. Therefore, employers MAY be liable in these cases.

34
Q

What are the 5 types of agency termination by operation of law?

A
  1. Death or insanity
  2. Impossibility
  3. Changed circumstances
  4. Bankruptcy
  5. War between countries
35
Q

Which type of agency is irrevocable?

A

Agency coupled with an interest

36
Q

What are the 6 requirements for all business forms?

A
  1. Business name registration
  2. Occupational licensing
  3. State tax registration
  4. Health and environment permits
  5. Zoning and building codes
  6. Import/export regulations
37
Q

True or False.
Sole proprietors are flow-through tax payers, meaning company revenues and expenses flow to the owner (SP) to pay taxes on.

A

True

38
Q

What happens to a SP company when the owner passes away?

A

The company dissolves

39
Q

(Type of franchise) When a manufacturer licenses a dealer to sell its product.

A

Distributorship

40
Q

(Type of franchise) When a franchise operates under a franchisor’s trade name and is identified as a member of a select group of dealers that engage in the franchisor’s business.

A

Chain-style Business Operation

41
Q

In a manufacturing, or processing-plant, arrangement, the franchisor transmits to the franchisee the essential ingredients or formula to make a particular product. The franchisee then markets the product either at wholesale or at retail in accordance with the franchisor’s standards.

A

Manufacturing Arrangement

42
Q

Requires franchisors to disclose certain material facts that a prospective franchisee needs in order to make an informed decision concerning the purchase of a franchise.

A

The Franchise Rule

43
Q

May require ____ ____ to terminate the franchise, to prevent arbitration or bad faith termination.

A

Good cause

BLAW II (7 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions