Business Associations – Agency Law – Flashcards
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Assent, Benefit, Control
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Elements to be an agent
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bond case w/ business cards
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Frawley v. Nickolich
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agent believes the principal wants them to act in a certain way
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Actual Authority
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what a third party believes the agent is authorized to do
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Apparent Authority
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principal created the appearance of authority evidence that would lead the third party to believe the agent has authority y
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Apparent Authority Test
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hotel construction/ChemRex five-year warranty
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Taylor v. Ramsay
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justifiable belief detrimental reliance fault by the party
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Estoppel
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agent acted within the usual & ordinary scope of his authority third party reasonably believes that the agent has the authority no notice that the agent was not authorized
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Inherent Agency Authority
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company president took over the deal w/o board approval
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Menard v. Dage
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RUPA 301
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Partnership - binding
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statement of authority
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Partnership - proof of authority
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secretary's certificate opinion letters
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Corporations - proof of authority
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direct and vicarious liability
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Tort Liability for principal
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principal was negligent in supervising or selecting the agent
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Direct Liability
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agent must be an employee agent must be acting within the scope of his employment
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Vicarious Liability
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interests conflict
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Principal-Agency Problem
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traitor/left Foodcomm w/o notice and used their resources to do it
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Foodcomm v. Barry
