Topic-17-Agency-Principal-Agent

Topic-17-Agency-Principal-Agent - LAW BUSINESS WELCOME 2...

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WELCOME! LAW & BUSINESS
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2. Agency: Principal & Agent 1. Introduction 2. Our Story so Far … & Exam Demarcation 3. Agency Defined: Agent = ‘Authority’ to Act obo Principal 4. Agency vs. Independent Contractor vs. Employee = NB: Difference? 5. Formation of Agency Relationship 6. Duties of Parties: Principal & Agent 7. Scope of Agent’s Authority 8. Principal’s Liability for Agent’s Conduct 9. Termination of Agency Relationship 10. Final Thoughts
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3. Exam Demarcation Exam paper = Short questions : 80 marks @ 2 hours + 30 minutes MCQ + True/False + Short ‘Name …’ questions + ‘Explain the Meaning of ….’ Exam prep .= Contracts, Business Forms, Corporations, Corporate Expansion, Securities & Corp. Finance’, Agents, Employment Law, Creditors’ Rights & Bankruptcy & Small Businesses = only re ‘5 Aspects to Bear in Mind before Forming a Business’ type question (last seminar) Exclude seminar re ‘Zoning’ & ‘Tenancy’ but see terms @ List List with Terms & Concepts : Memorize Def. @ 1 mark each (basics!!) Re Contracts: Only study basics: Requirements of valid contracts (sale of goods @ $500 or less and more) & property, def. of each element, def. of factors impacting voluntary consent, breach of contract (what? & duty of innocent party), termination of contract: Look at operation of law Bulk of exam: Work not covered in MT test Re business forms : Def. NB of each form More detail : see Exam Demarcation Doc @ Blackboard
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4. Agency: Principal & Agent 3.1 Consider the following scenario : ABC is a large company whose main business pertains to estate management and property acquisition on behalf of ‘obo’ many clients. ABC has three categories of individuals on its payroll: 1. Individuals like Sara , who works fixed hours , has her own office, works under the direction of a supervisor, and enjoys various benefits, provided by ABC, incl. unemployment, medical & social security benefits. 2. Individuals like Henry , who is contracted by ABC for specific tasks, e.g., maintenance of offices, subcontracting others for cleaning services, fumigation when necessary, carpet replacement, etc. Henry does not have an office at ABC, he uses his own tools, his work is not supervised and he does not enjoy any supplementary benefits. In short: Henry is a contractor who is contacted only when needed to complete a specific task . He is paid for the final result not on a continuous basis. Henry is his own ‘boss’, often referred by ABC’s employees as the ‘contractor who gets things done’.
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5. Agency: Principal & Agent Gina is a qualified notary as such often acts obo ABC’s CEO, Greg.
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  • Fall '15
  • MissLynch
  • Principal & Agent

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