Business Law Q4
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| when a person, called a principal, appoints another person, called an agent, to act on their behalf | agency relationship
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| Can a minor be an agent? | yes
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| when an agent does something on behalf of the principal to the principal's benefit without original authority | ratification
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| when the principal leads the public to believe that someone is acting as their agent when they really are not | estoppel
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| an employee authorized to carry out all of the principal's duties | general agent
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| someone only authorized to transact certain specific acts and who has limited power | special agent
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| an agent who sells merchandise for the principal and gets a commission | factor
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| an agent who guarantees payment if the buyer does not pay | factor del credare
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| an agent who secures a buyer for a seller or a seller for a buyer | broker
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| a general agent appointed by a written authorization | attorney in fact
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| the authority given to an agent when they enter into an agreement with the principal | expressed authority
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| the authority given to an agent to do the things necessary in order to carry out their expressed authority | implied authority
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| the authority given to an agent that is customary in the industry to do | customary authority
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| the authority the an agent is believed to have because of the principal's actions or non-actions | apparent authority
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| a principal has ____ degree of control over an independent contractor | very little
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| 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
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| duties of a principal (4) | 1. compensation 2. reimbursement 3. indemnification 4. abide by the terms of the contract
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| to hold an agent harmless if the agent incurs any damages | indemnification
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| when an agent causes harm to someone, ______ is/are liable (tort) | agent & principal
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| an agent is ____ liable for their negligence | always
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| a principal is liable for the negligence of their agent acting within the scope of their authority | theory of respondeat superior
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| if an agent enters into a contract on behalf of a principal, the ____ is liable | principal
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| 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
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| a business owned and carried on by one person | sole proprietorship
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| 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
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| a partnership that sells merchandise | trading partnership
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| a partnership that sells services | non-trading partnership
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| What type of partnership is funeral service considered? | non-trading
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| governs the formation, operation & dissolution of partnerships | Uniform Partnership Act
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