Semester Review Flashcards
1
Q
Agency
A
There are three requirements for an agency relationship to exist: 1. There must be a mutual agreement. Mere assent is enough; no consideration is necessary. It is not controlling whether or not the parties say that they are in an agency relationship. 2. The agent must be acting on behalf of the principal. 3. The agent must act subject to the principal’s control.
2
Q
Actual Authority
A
3
Q
Implied Authority
A
4
Q
Apparent Authority
A
5
Q
Ratification
A
6
Q
Disclosed Principal
A
7
Q
Unidentified Principal
A
8
Q
Undisclosed Principal
A
9
Q
Employee vs Ind. Contr.
A
10
Q
Scope of Employment
A
11
Q
Vicarious Liability
A
12
Q
Fiduciary Duty of Loyalty
A
13
Q
Fiduciary Duty of Care
A
14
Q
Fiduciary Duty of Good Faith
A
15
Q
Disgorgement/ Restitution
A
16
Q
Compensatory Damages
A
17
Q
Fiduciary Duty to Inform
A
