final BLAW Flashcards
what is an agency relationship?
when a one person ( the agent) is authorized to act on behalf of another person or entity (the principal) to create a lagal or business obligation.
what is fiduciary
someone who has a legal or ethical duty to act in the best interests of another person or entity
give a few examples of fiduciary
financial advisor managing investments for a client, a lawyer representing a client in legal matters.
what are the 3 different types of authority ?
express (actual) authority, implied (actual) authority and apparant authority
what is express (actual) authority
the clear explicit permission given by a principal to an agent to perform specific tasks or make decisions on their behalf
what is implied (actual) authority
the power an agent has to take actions that are not specifically stated but are necessary to carry out their express authority.
what is apparant authority
when a third party reasonably believes that an agent has the authority to act on behalf of a principal, even if the agent doesn’t acutally have such authority.
what is ratification
when a principal approves and accepts decision that an agent took on their behalf, even though the agent did not have the authority to do it.
what is Termination by operation of law
when a relationship between an agent and principal end without the need for action or decision of either party
examples of Termination by operation of law
death, if what their services become seen as illegally, bankruptcy.
the 5 duties the agent owes the principal
loyalty, obedience, duty of care, duty to inform, duty to account
The 3 duties the principal owes the agent
compensation, reimbursement or indemnification, cooperation
what is indemnification
protect against losses or liabilities arising from lawful actions taken of behalf of the principals.
the two principal types of powers of
attorney
general power and special limited power
characteristics of general power of attorney
gives the agent broad authority to act on behalf of the principal in a wide range of matters
agent can handle financial transaction, sign docs, manage properties, and make decisions as if they were the principal
ends if the principal becomes incapacitated or dies
characteristics of special limited power of attorney
the agent has authority to perform specific tasks or make decisions in a limited area defined by principle
what are the 4 types of restricted covenant
non-compete agreement, non-solicitation agreement, confidentiality agreement (NDA), non-disparagement agreement
what is non-disparagement agreement
stops someone from making negative or harmful statements about the principal
what is required to be able to enforce a non-competition
agreement in Texas.
part of an enforceable agreement, must be reasonable in scope, must actually protect business interest, cannot be overly restrictive
what does the doctrine of respondeat superior do
an employer can be held responsible for the actions of their employees if those actions happen while the employee is doing their job.
what is NLRA
National Labor Relations Act
what does the NLRA protect
a federally
statute that basically protects employees’ rights to organize labor unions.
what is a labor union
a group of workers who join together to protect their rights and improve their working conditions.
what are right to work laws
employers or unions can’t force employees to join a union or pay union fees to keep their job or be hired
what is the employment-at-will doctrine ?
An employer can fire an employee at any time, for any reason, or for no reason at all and the employee can quit at any time without giving a reason or notice.
what are the basic limitation of the employment-at-will doctrine ?
Discrimination, Retaliation meaning employers can’t fire for snitching something illegal, public policy violations, implied contracts
list the 8 Miscellaneous Laws
Fair Labor Standards Act (FLSA)
Family and Medical Leave Act (FMLA)
Occupational Safety and Health Act (OSHA)
Worker Adjustment and Retraining Act (WARN)
Employee Retirement Income Security Act ( ERISA)
Equal Pay Act (EPA)
Immigraction Reform and Control Act (IRCA)
Uniformed Services Employment and Reemployment Rights Act ( USERRA)
What is FLSA and what does it do?
it’s the Fair Labor Standards Act and it governs minimum wage, overtime pay and child Labor
what is the FMLA and what does it do?
Family and Medical Leave Act, it provides eligible employees with up to 12 weeks of unpaid leave for family or medical leave.