Exam (elaborations)
GBL 385 Final Exam – Molesky | Questions And Answers Latest {} A+ Graded | 100% Verified
- Course
- Institution
GBL 385 Final Exam – Molesky | Questions And Answers Latest {} A+ Graded | 100% Verified
[Show more]
Content preview
GBL 385 Final Exam – Molesky | Questions And Answers Latest {2024- 2025} A+ Graded |100% Verified
agency - fiduciary relationship between 2 persons in which one acts on behalf of the other
types of agency relationships - principal --> agent
employer --> employee
employer --> independent contractor
principal --> agent - principal gives the agent expressed or actual authority to act on the former's behalf
expressed authority - arises from specific statements made by the principal to the agent
actual authority - includes expressed authority and implied authority
implied authority - customarily given to an agent in an industry, trade, or profession
employer --> employee - agent who works for pay and is subject to the control of the principal may
enter into contractual relationships on the latter's behalf
respondent superior - imposes liability on a principle for torts committed by an agent employed by him
or her and subject to his or her control
employer --> independent contractor - agent is hired but he principal to do a specific job but is not
controlled with respect to:
-physical conduct
-details of work performance
determine whether an agent is an independent contractor by: - -whether agent had distinct occupation
-whether agent supplied own tools
,-whether agent was employed for specific time
-whether agent was paid hourly or on completion of job
-what degree of skill was required to do the job
agency through ratification by principal - conditions for a ratification to be effective:
-principal must have full knowledge of agent's action
-existence of principal must be clear to 3rd part at time of agent's unauthorized act
principals duties to agent - -duty of compensation
-duty of reimbursement & indemnification
-duty of cooperation
-duty to provide safe working conditions
-duty of loyalty
duty of compensation - implied that principal will compensate the agent for services rendered
-contingency fee
contingency fee - agent's compensation that consists of a % of amount agent secured for principal in
business transaction
duty of reimbursement & indemnification - indemnity: principal's obligation to reimburse agent for any
losses agent incurs while acting on principal's behalf
duty of cooperation - principal must do nothing to interfere with reasonable conduct of agent as agreed
upon in an express or implied contract
duty to provide safe working conditions - Employers who repeatedly violate standards set by the
Occupational Safety and Health Act (OSHA) may be fined or imprisoned or both
duty of loyalty - -acting on behalf of one principal to avoid conflicts of interest
, -communicating all material info to principal
-refraining from acting in a manner adverse to principal's interest
agents duties to principal - -duty of obedience
-duty of accounting
-duty of performance
duty of obedience - following principal's reasonable and lawful instructions
duty of accounting - when the principal requests an accounting of money or property, providing it
duty of performance - using reasonable care and skill in performing their work
liability of disclosed principals - one whose identity is known by 3rd party when latter enters into
agreement negotiated by agent
-principal is liable
liability of partially disclosed principals - one whose identity isn't known to 3rd party at time of
agreement
-3rd party does know agent represents principal
-principal is liable
liability of undisclosed principals - one whose identity and existence are both unknown to 3rd party
-agent may be liable to 3rd party if principal doesn't perform terms of contract
if an intentional tort is committed: - -within scope of agents employment, principal may be liable
-outside scope of employment, agent becomes liable
criteria use to determine tort liability: - -was agent or employee acting in principal's interest
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller oneclass. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.48. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
73243 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now