Business Law Chapter 34

23 cards

These are about Liability to Third Parties and Termination. They are form chapter 34.


 
  
Created Oct 26, 2010
by
elittle

 

 
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1
express authority
 
The principal has explicitly instructed the agent to do something.  (binding)
2
equal dignity rule
 
when express authority is granted for an agent to enter into a contract that is legally required...
3
2 Exceptions to equal dignity rule
 
1. when executive officer is conducting business in the usual discourse of her job, she need...
4
special power of attorney
 
grants the agent express authority over specifically outlined acts
5
disclosed principal
 
third party is aware that the agent is making an agreement on behalf of a principal and the...
6
partially disclosed principal
 
third party is aware that the agent is making an agreement on behalf of a principal, but does...
7
undisclosed principal
 
third party does not know an agent is acting on behalf of a principal 
agent= liableprincipal=liable
8
Describe when an agent could be the only party liable:
 
1. contract expressly excludes principal from the contract2. principal is not liable if agent...
9
Agents who go beyond their authority when the principal is disclosed or partially disclosed...
 
breach of implied warranty
10
If a third party believes the agent has authority, but it was really an unauthorized act who...
 
agent=liableprincipal=not
11
If a third party believes that the agent is mistaken about her authority, and it is an unauthorized...
 
agent=not liableprincipal=not liable
12
Law holds a principal directly responsible for agent's tortious conduct under three conditions:
 
1. principal directs an agent to commit a tort2. principal fails to provide proper tools, instruments...
13
Respondeat Superior
 
The principal/employer holds vicarious liability for any harm caused by the agent/employee...
14
If third party is injured due to negligence of an employee, how is employer liability established
 
third party must establish the act occured within the scope of employment
(substantial departure...
15
Classification of Principal
 
must be classified as either disclosed, partially disclosed, or undisclosed
16
Agent Misrepresentation
 
if agent misrepresents himself to third party, principal may be tortiously liable for agent's...
17
If an agent has misrepresented herself, the third party has two options:
 
1. the third party can cancel the contract with the principal and be compensated for any money...
18
Principal's liability concerning an independent conractor
 
GENERAL RULE: individual who hires independent contractor is not liable for independent contractor's...
19
Crime and agency relationships
 
1. if agent commits crime, agent is liable for crime2. if agent commits crime in scope of employment...
20
Termination by acts of parties
 
1. Lapse of time (if time is not stated, reasonable time)2. Fulfillment of Purpose 3....
21
Actual notice of termination
 
given when third parties are directly informed orally or in writing, that an agency agreement...
22
constructive notice of termination
 
given to parties not directly involved in agency agreement, general announcement
23
Termination by Operation of Law
 
1. Death2. Insanity3. Bankruptcy4. Changed Circumstances5. Change in Law6. Impossibility7....


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