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PIMS - Business law > week 7 > Flashcards

week 7 Flashcards

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1
Q

a relationship where one party (the principal) delegates authority to another party (the agent) to act on behalf of the first party, the principal

A

agency

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2
Q

a party who appoints a second party to serve as an agent

A

principal

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3
Q

parties (2)

A

principal

agent

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4
Q

the party appointed by the principal to enter into a contract with a third party on behalf of the principal

A

agent

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5
Q

examples of agency (6)

A
  1. employment
  2. power of attorney
  3. decedents of estate (executor/admin)
  4. corporations (officers/directors)
  5. partnerships
  6. administrative agencies
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6
Q

authority stated in document or agreement creating the agency

A

express

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7
Q

authority to do things not specifically authorized in order to carry out express authority

A

implied

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8
Q

4 creation of agents authority

A
  1. express
  2. implied
  3. apparent
  4. ratification
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9
Q

authority agent is believed by 3rd parties to have because of the behavior of the principal

A

apparent

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10
Q

after agent without authority enters into contract which the principal then accepts as authorized

A

ratification

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11
Q

classification of agents (2)

A
  1. general agent

2. special agent

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12
Q

agent authorized to execute the principals business of. a particular kind, or all the principals business at a particular place, if not all of one kind

A

general agent

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13
Q

agent authorized by the principal to execute specific acts. usually the tasks are more specific and the authority more limited than that of a general agent

A

special agent

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14
Q

issues in agency (3)

A
  1. creation
    2 operation
    3 termination
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15
Q

operation of agency (2)

A
  1. agents duties to principal
    - loyalty and good faith
    - -fiduciary duty
    - obedience
    - reasonable skill and diligence
    - accounting
    - information
  2. principal duties to agent
    - compensation
    - reimbursement
    - indemification
    - perform contracts properly entered into by agent
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16
Q

termination of agency

A
  1. acts of the parties
  2. both have the power to terminate/may not have the right
    - original agreement
    - subsequent agreement
    - revocation ; by principal
    - renunciation ; by agent
  3. termination by operation of law
    - subsequent illegality
    - death or incapacity
    - destruction of subject matter
    - bankruptcy
    - dissolution of corporation
    - war
17
Q

tort liability

A
  1. liability of employer
    - tortfeasor- direct
    - vicarious liability
    - respondeat superior
  2. liability of agent
    - tortfeasor
    - acts within scope of authority
    - frolic and detour
18
Q

contractual liability of agent

A
  1. disclosed principal
    /S/smith, president of PIMS; no liability
  2. partially disclosed principal
    -/S/Smith, Agent ; liable until principal disclosed
  3. undisclosed principal
    /S/Smith; liable until principal disclosed
19
Q

contractual liability of principal

A

-liable to perform contracts entered into by authorized agent

20
Q

what is an entity

A
  1. an existence

2. how a business is organized/operates

21
Q

one owner subject to claims of creditors

A

sole proprietorship

22
Q

generic entities/business entities

A
  1. sole proprietorship
  2. partnership
  3. corporation
23
Q

two or more people carry on business for their joint profit

A

partnership

24
Q

statutory entity owned by stockholders

A

corporations

25
Q

questions in studying entities

A
  1. how is it created?
  2. operated?
  3. terminated?
26
Q

sole proprietorship

A
  1. created; just do it
  2. operates; receives all profits and assumes all losses/claims
    - bears all risk; unlimited liability
  3. terminates; death of owner
27
Q

partnership

A
  1. created; agreement
    -partners are both principal and agent
    -uniform partnership act
  2. operation ; duties of partners (agents)
    -loyalty and good faith
    -reasonable care and skill
    -conform to contract; accounting
    -inform
    -rights of partners; participate in management
    -inspect records
    -contribution
    w/d advances
    - w/d profits
    -liabilites of partners
    -contracts
    -torts
28
Q

actively openly engaged in business known to public as partner

A

general

29
Q

not active in business known to public as a partner

A

silent

30
Q

active in business unknown to public as a partner

A

secret

31
Q

creature of statute

A

limited

32
Q

partnerships ; dissolution

A
  1. acts of partners
    - agreements
    - withdrawal/alienation
    - expulsion
  2. by court decree
    - insanity
    - incapacity
    - misconduct
    - futility
  3. operation of law
    - death
    - bankruptcy
    - illegality

PIMS - Business law (8 decks)

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