Semester Review

Question 1

Agency

Answer 1

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.

Question 2

Actual Authority

Question 3

Implied Authority

Question 4

Apparent Authority

Question 5

Ratification

Question 6

Disclosed Principal

Question 7

Unidentified Principal

Question 8

Undisclosed Principal

Question 9

Employee vs Ind. Contr.

Question 10

Scope of Employment

Question 11

Vicarious Liability

Question 12

Fiduciary Duty of Loyalty

Question 13

Fiduciary Duty of Care

Question 14

Fiduciary Duty of Good Faith

Question 15

Disgorgement/ Restitution

Question 16

Compensatory Damages

Question 17

Fiduciary Duty to Inform

Question 18

Ways of Terminating Agency Relationship

Question 19

Effect of Terminating Agency on Principal’s Liability

Question 20

Partnership

Question 21

Partnership by Operation of Law

Question 22

Partnership Formation

Question 23

Presumption of Equal Management (Equal Dignities)

Question 24

Admission of Partners

Question 25

Financial Characteristics of Partnership

Question 26

Partner's Authority

Question 27

Partners' Right to Information

Question 28

Partners' Right to Accounting

Question 29

Partners' Liability for Partnership

Question 30

Exhaustion Rule

Question 31

Partners' Right to Dissociation

Question 32

Partners' Buyout RIghts

Question 33

Minority Discount

Question 34

Wrongful Dissociation

Question 35

Partnership Dissolution

Question 36

Partner's Right to Petition for Dissociation

Question 37

Partner's Right to Petition for Dissolution

Question 38

Order of Payment on Dissolution

Question 39

Limited Partnership

Question 40

Limited Partnership Formation

Question 41

Admission of General Partners in LP

Question 42

Admission of Limited Partners in LP

Question 43

Management Rights of Limited Partners