R7 Flashcards

1
Q

most important fact in determining if someone is an independent contractor

A

can they control the work performed? employer has right to control which work is performed but has little control over the manner in which work is performed

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2
Q

power of atourney

A

principals written authorization granting an agent authority to enter into binding contracts on principals behalf – may (and usually does) limit agent’s authority to specific transactions

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3
Q

respondeat superior

A

principal (including corporation) can be liable for employee’s tort committed within scope of employment

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4
Q

duties of principal to agent

A

compensation, reimbursement/indemification, remedies of the agent

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5
Q

when does statute of limitations begin

A

from date of breach of contract

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6
Q

rescission of a contract?

A

undoes a contract and restores the parties to the positions thy would have been in if no contract was made

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7
Q

specific performance

A

a court order to perform the terms of the contract (ex: contract for sale of patent may be required to be enforced)

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8
Q

Once an undisclosed principal becomes known to the third party, who can the third party hold liable?

A

the agent and or the principal

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9
Q

what mistake will make a contract entirely voidable

A

A mutual mistake of a material fact will make a contract voidable at the option of the adversely affected party.

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10
Q

in sale on approval, when does risk of loss transfer

A

risk of loss passes to the buyer upon APPROVAL of the goods (i.e after trial period)

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11
Q

how/when is an express warranty created

A

part of the seller’s description of the goods as part of the basis of bargain

  • may be oral or written

like dark blue pen that will have ink that lasts a year, the buyer expects that to be true

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