MGT 325 FINAL || QUESTIONS WITH ANSWERS 100% CORRECT.
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MGT 325
In terms of the 33 know the pattern of distribution
(Def Underwriting, 4 part Howey Test)
(Investor Protection, Wall Street Reform) correct answers *Underwriting:*
Passing securities from the issuer through a syndicate of underwriters, dealers, and ultimately to purchasers who intend to hold...
in terms of the 33 know the pattern of distributio
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MGT 325 FINAL || QUESTIONS WITH ANSWERS
100% CORRECT.
In terms of the 33 know the pattern of distribution
(Def Underwriting, 4 part Howey Test)
(Investor Protection, Wall Street Reform) correct answers *Underwriting:*
Passing securities from the issuer through a syndicate of underwriters, dealers, and ultimately
to purchasers who intend to hold securities
*Howey Test*
(1) Invest
(2) In common enterprise
(3) Reasonably expecting profits
(4) Derived primarily from others' managerial or entrepreneurial efforts
Agency
(Define Agency, Fiduciary 2 part def, Needs what?, Def what it needs)
(Agency) correct answers An area of commercial law dealing with a set of contractual, quasi
contractual, and non-contractual relationships that involve an *agent* that is authorized to act
on behalf of another person*(principal)* to create a legal relationship *(fiduciary)* with a 3rd
party.
*Fiduciary*
1. Relationship that revolves around trust & confidence
2. Duration does not matter
*Needs*: agent, principal, and 3rd party
_Agent_ : A party who agrees to act on behalf of another
_Principal_ - A party who employs another person to act on his or her behalf
Agencies are created when:
(4 things required to create an agency, What method is used for the essay)
(Agency) correct answers 1. Consent is made from both parties
2. Capacity; principal must have contractual capacity(higher standard), Agent needs only
minimal mental capacity.
3. Writing is seldom required. If it is a land sale contract then it needs to be in writing under
the Statute of frauds (SOF)
4. Proper purpose (no illegal purposes)
METHOD FOR ESSAY = MYLEGS
,MY = _M_arriage contracts for 1+ _Y_ears
L = _L_and
E = _E_xecutor or _E_state
G = _G_oods more than $500+
S = _S_urety (Cosigning on a loan)
What is the difference between an *agency* relationship and an *independent contractor*?
(Factors for employee status 7)
(Agency) correct answers *Agency* applies to all *employees* dealing with *3rd parties*
IC relationship is when someone gets control to do something for the employer:
-More Control = employee
-Less Control = Independent contractor
*Factors for Employee status:*
1. How much control can the employee have over the work
2. Is the worker engaged in business distinct from employer
3. Is the work usually done by the employer or specialist without supervision
4. Does the employer supply the tools
5. For how long is the worker employed
6. Method of payment
7. Degree of skill required (more means they're likely an independent contractor)
Distinct Employment length, Time period, Own tools, Method of payment - time or project,
Degree of skill, Right to control manner and means
Look first for actual authority, then for apparent authority
If neither exists think about other ways that principal can be held liable for agent's acts
Express agency
(Occurs when? Agent has authority to do what?)
(Agency) correct answers Occurs when a *principal and an agent* expressly _agree to enter
into an agency agreement with each other_; *agent has authority to contract or otherwise act
on the principal's behalf*, as expressly stated in the agency agreement
Implied agency (Type of authority given to agent)
(Occurs when? Agents's authority determined by what?)
(Agency) correct answers Occurs when a principal and an agent do not expressly create an
agency, but it is inferred from the conduct of both parties; extent of agent's authority
determined from facts/circumstances of the situation
Apparent agency (or agency by estoppel) (Type of authority given to agent)
(Arises when? What can the principal do?)
(Agency) correct answers Arises *when a principal creates the appearance of an agency that
does not actually exist*; the principal is estoppel from denying the agency relationship and is
, *bound to contracts entered into by the apparent agent while acting within the scope of the
apparent agency*
Agency by ratification (Type of authority given to agent)
(Occurs when? 2 things)
(Agency) correct answers Occurs when:
(1) a person misrepresents themselves as another's agent when in fact they are not and
(2) the purported principal ratifies (accepts) the unauthorized act; principal is bound to
perform and agent is relieved of liability for misrepresentation
What is Ratification and when does it apply?
(Agency) correct answers The acceptance of an act
Applies when someone acts as an agent, but commits act outside their scope of authority.
Not bound to contract unless ratified by principal
Agent duties to principal
(3 duties and their definitions)
(DtP DtN DtA)
(Agency) correct answers 1. *Duty to Perform* - An agent's duty to a principal that includes
(1) performing the lawful duties expressed in the contract and (2) meeting the standards of
reasonable care, skill, and diligence implicit in all contracts
2. *Duty to Notify* - An agent owes a duty to _notify the principal of important information_
concerning the agency
3. *Duty to Account* - A duty that an agent owes to maintain an accurate _accounting of all
transactions_ undertaken on the principal's behalf
Principal duties to the agent
(4 of them and their definitions)
( DtC, DtR, DtI, DtC)
(Agency) correct answers *Duty to Compensate* - A duty that a principal _owes to pay an
agreed-on amount to the agent_ either on the completion of the agency or at some other
mutually agreeable time.
*Duty to Reimburse* - Unless otherwise agreed, the principal owes a duty to _reimburse the
agent for expenses incurred_ by the agent on behalf of the principal
*Duty to Indemnify* - A principal owes a duty to _indemnify the agent for any losses the
agent suffers_ because of the principal's conduct
*Duty to Cooperate* - Unless otherwise agreed, the principal owes a _duty to cooperate with
and assist the agent_ in the performance of the agent's duties and accomplishment of the
agency
Employment at Will
(Def)
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