R7 Flashcards
most important fact in determining if someone is an independent contractor
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
power of atourney
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
respondeat superior
principal (including corporation) can be liable for employee’s tort committed within scope of employment
duties of principal to agent
compensation, reimbursement/indemification, remedies of the agent
when does statute of limitations begin
from date of breach of contract
rescission of a contract?
undoes a contract and restores the parties to the positions thy would have been in if no contract was made
specific performance
a court order to perform the terms of the contract (ex: contract for sale of patent may be required to be enforced)
Once an undisclosed principal becomes known to the third party, who can the third party hold liable?
the agent and or the principal
what mistake will make a contract entirely voidable
A mutual mistake of a material fact will make a contract voidable at the option of the adversely affected party.
in sale on approval, when does risk of loss transfer
risk of loss passes to the buyer upon APPROVAL of the goods (i.e after trial period)
how/when is an express warranty created
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