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Yaeger REG > Mod 32 Agency > Flashcards

Mod 32 Agency Flashcards

1
Q

Minors can…

A

Minors can be agents

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2
Q

3 parties who are all considered agents

A

1 partners

2 corporate officers

3 employees

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3
Q

Agency requires…2

A

1 requires meeting of the minds

2 does not require consideration

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4
Q

Power of attorney

A

Written authorization of agency

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5
Q

Power of attorney need only…2

A

1 Need only be signed by principal

2 not agent

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6
Q

With power of attorney the agent does…

A

Does not have to be an attorney at law

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7
Q

Power of attorney usually limits…

A

Limits agent’s authority to specific transactions

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8
Q

2 agencies that require writing

A

1 agencies to buy land

2 agencies impossible to perform in 1 year

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9
Q

Most agencies are terminable…

A

Are terminable at will

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10
Q

Most agencies are terminable at will, but if you breach a contract…

A

You must pay damages

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11
Q

Termination by law: following 4 terminate agency immediately

A

1 death or insanity of either party
2 bankruptcy of principal
3 loss or destruction of essential subject to agency
4 failure to have or loss of a required license

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12
Q

Bankruptcy of an agent…

A

Does not end the agency

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13
Q

Agency coupled with an interest 2

A

1 P makes A an agent

2 solely to pay debt P owes to A

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14
Q

Under, Agency coupled with an interest, how is it terminated?

A

P cannot terminate this agency, only A can

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15
Q

Death or insanity does not end…

A

Agency coupled with an interest

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16
Q

Termination of Agency:

If A is terminated, P must…2

A

1 give actual notice to old customers and

2 publish notice to new ones

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17
Q

2 types of authority

A

1 real authority

2 actual authority

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18
Q

Real or actual authority may be…

A

Express or implied

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19
Q

Express authority

A

P tells A he’s authorized

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20
Q

Implied authority

A

Authority necessary to do assigned tasks

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21
Q

Apparent authority or agency by estoppels

A

A appears authorized (was it reasonable to believe A was authorized)

22
Q

Liability for contracts:

P is liable for…

A

all authorized contracts made by A on his behalf

23
Q

P is not authorized for unauthorized contracts unless…

A

P ratifies

24
Q

3 requirements for P to ratify

A

1 P must know all material facts to ratify
2 if P accepts the benefits of the deal he’s ratified
3 for P to ratify, A must indicate he was making contract on behalf
Of P

25
Q

Once P ratifies…

A

3rd parties are stuck with the deal

26
Q

A is liable for…

A

All unauthorized contracts

27
Q

A is not liable for…

A

Authorized deals unless acting for an undisclosed principal

28
Q

Undisclosed principal

A

A makes contract in his own name while really acting for a secret
P

29
Q

Undisclosed principal:

Actual authority of A

2) Apparent authority of A

A

A has same actual authority as agent for disclosed principal

2) A cannot have apparent authority

30
Q

Undisclosed principal:

If there is a breach…

A

Both P and A are liable

31
Q

3rd party cannot…

A

Cannot get out of a deal because of undisclosed P

32
Q

Respondent Superior

A

Liability for Torts

33
Q

Liability for Torts:

P is responsible for…

A

All torts committed by A while acting in scope of agency

34
Q

Liability of Torts:

P isn’t liable for…

A

Isn’t liable for torts of independent contractors

35
Q

P isn’t liable for torts of independent contractors

A

Not subject to the same control

36
Q

Liability of Torts:

P is liable even if…

A

Agent’s tort was flagrant disregard of instructions

37
Q

Liability of Torts:

A is liable for the tort even if…

A

Committed at P’s direction or order

38
Q

Liability of Torts:

Employees injured in scope of employment…

A

Collect Worker’s comp even if negligent

39
Q

Duties of Principal and Agent:

P owes the following duties to A, what is the neumonic?

A

ICE

40
Q

Duties of Principal and Agent:

P owes the following duties to A, what does ICE stand for?

A

1 Indemnify
2 Compensate
3 Expenses

41
Q

Duties of Principal and Agent: P owes the following duties to A

I

A

Duty to Indemnify A for losses incurred while acting for P

42
Q

Duties of Principal and Agent: P owes the following duties to A

C

A

Duty to Compensate A (Must keep records)

43
Q

Duties of Principal and Agent: P owes the following duties to A

E

A

Duty to reimburse A for Expenses

44
Q

Duties of Principal and Agent:

A owes the following duties to P, what is the neumonic?

A

DIAL-O

45
Q

Duties of Principal and Agent: A owes the following duties to P

What does DIAL-O stand for?

A 
1 Due care
2 Inform
3 Account
4 Loyalty
5 Obedience
46
Q

Duties of Principal and Agent: A owes the following duties to P (DIAL-O):

D

A

Duty of Due care

47
Q

Duties of Principal and Agent: A owes the following duties to P (DIAL-O):

I

A

Duty to Inform P of all relevant facts

48
Q

Duties of Principal and Agent: A owes the following duties to P (DIAL-O):

A

A

Duty to Account for money received or spent (must keep records)

49
Q

Duties of Principal and Agent: A owes the following duties to P (DIAL-O):

L

A

Fiduciary duty of Loyalty- must act solely in P’s best interest

50
Q

Duties of Principal and Agent: A owes the following duties to P (DIAL-O):

O

A

Duty of Obedience, must follow P’s reasonable instructions

51
Q

Agent

A

Anyone authorized to act on behalf of another

Yaeger REG (77 decks)

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