Exam 3 Notes for Test - 101 Fiduciary Principal\/AgentEmployer\/employee Employee is expected to come in at certain times and do certain jobs Employer

Exam 3 Notes for Test - 101 Fiduciary...

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101. Fiduciary: Principal/Agent—Employer/employee. Employee is expected to come in at certain times and do certain jobs. Employer controls employee. Fiduciary is the highest form of honesty 102. Independent Contractor— less controlled than employees. Building contractors. A property owner who hires a contractor to complete a project does not control the details of the way they perform their work. 103. Agreement-- Written contract or oral agreement. Expressed or implied agreement. Ratification—Involves question of intent, and intent can be expressed by either words or conduct. A person who is not an agent may make a contract on behalf of another. Estoppel—prevented from denying. Causes a third person to believe that another person is the principal’s agent, and the third person acts to his detriment in reasonable resilience on that belief. 104. Duties: Performance—Agent’s agreement to use reasonable diligence and skill in performing the work. Loyalty—Solely for the benefit of his principal Accounting—keep money separate from clients. No co-mingling of money. 105. Compensation—Pay the agent for his services. Reimburse—Reasonable and necessary expenses. Indemnification—Insurance. Protect from legal charges.
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  • Fall '12
  • Griffin
  • Corporation, partner, LLP—Limited Liability Partnership, Employer controls employee, Venture—One goal partnership

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