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GBL 385 Final Exam – Molesky | Questions And Answers Latest {} A+ Graded | 100% Verified
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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
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