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Business Law Q4

QuestionAnswer
when a person, called a principal, appoints another person, called an agent, to act on their behalf agency relationship
Can a minor be an agent? yes
when an agent does something on behalf of the principal to the principal's benefit without original authority ratification
when the principal leads the public to believe that someone is acting as their agent when they really are not estoppel
an employee authorized to carry out all of the principal's duties general agent
someone only authorized to transact certain specific acts and who has limited power special agent
an agent who sells merchandise for the principal and gets a commission factor
an agent who guarantees payment if the buyer does not pay factor del credare
an agent who secures a buyer for a seller or a seller for a buyer broker
a general agent appointed by a written authorization attorney in fact
the authority given to an agent when they enter into an agreement with the principal expressed authority
the authority given to an agent to do the things necessary in order to carry out their expressed authority implied authority
the authority given to an agent that is customary in the industry to do customary authority
the authority the an agent is believed to have because of the principal's actions or non-actions apparent authority
a principal has ____ degree of control over an independent contractor very little
duties of an agent (5) 1. loyalty & good faith 2. obedience 3. use reasonable skill & diligence in the performance of your duties 4. accounting 5. information
duties of a principal (4) 1. compensation 2. reimbursement 3. indemnification 4. abide by the terms of the contract
to hold an agent harmless if the agent incurs any damages indemnification
when an agent causes harm to someone, ______ is/are liable (tort) agent & principal
an agent is ____ liable for their negligence always
a principal is liable for the negligence of their agent acting within the scope of their authority theory of respondeat superior
if an agent enters into a contract on behalf of a principal, the ____ is liable principal
methods of contract termination (5) 1. mutual agreement of the parties 2. time period agreed to in contract 3. principal revokes agreement (firing) 4. renunciation of agent (quitting) 5. operation of law
a business owned and carried on by one person sole proprietorship
the association of two or more people who have combined their money, property, knowledge, and skills for the purpose of carrying on a lawful business as co-owners and for a profit partnership
a partnership that sells merchandise trading partnership
a partnership that sells services non-trading partnership
What type of partnership is funeral service considered? non-trading
governs the formation, operation & dissolution of partnerships Uniform Partnership Act
Created by: leahmurphy
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