Wendy's BOrgs Outline Fall

Wendy's BOrgs Outline Fall - Biz Orgs Outline ON TEST:...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Biz Orgs Outline p 1 of 8 ON TEST: ESTABLISH WHICH EXISTS UNLESS GIVEN AGENCY P’SHIP LLP LTD P’SHIP LLC CORP formation --- --- n/c ? --- liability to TP through authority through authority through conduct ? n/c liability to each other DoL DoL DoL DoL DoL termination n/c --- --- ? n/c n/c = not central to the argument DoL = Duty of Loyalty AGENCY DEFINED - P manifests that A will act for P; A assents to do so; and parties understand P remains in control An AGENT is a person who, through: mutual assent acts on the P’s behalf and under the P’s control. G ENERAL A GENT is authorized to conduct a continuity of services. S PECIAL A GENT is authorized to conduct a single transaction. This matters when discussing the existence and/or breach of Fiduciary Duty . PRINCIPAL : MINOR ISSUE D ISCLOSED - when TP knows A is acting on P’s behalf and knows P’s identity. P ARTIALLY D ISCLOSED - when TP knows A is acting on P’s behalf but does not know P’s identity. U NDISCLOSED - when TP believes A is acting on his own behalf. FIDUCIARY DUTY - A is a fiduciary and has an obligation to put P’s interests ahead of his own D UTY OF L OYALTY - A has a duty to act solely for P’s benefit. Any benefit received by A while performing his duty belongs to P (kickback, bribe, etc) and P is entitled to reimbursement for any loss created by a breach of this duty. D UTY OF C ARE AND S KILL - A has a duty to exercise standard of care and skill of the locality for the kind of work A is employed to perform, including exercising any special skill A has and the duty of disclosure Duty of Disclosure - A has a duty to disclose all facts, which A knows or should know would reasonably affect P’s judgment, unless P has manifested he already knows facts or does not care about them. LIABILITY OF P TO TP : (generally A will not be liable) • A had actual, apparent, or inherent authority and not in an independent course of conduct A CTUAL - (A believes) a reasonable A would believe A had authority based on P’s conduct, which may be: Expressed Authority - through written authorization. Implied Authority - through previous conduct. Incidental - acts reasonably necessary to accomplish authorized action. A PPARENT - (TP believes) a reasonable TP would believe A had authority (whether or not A did), or that A was the principal (undisclosed P). Position of Power - a position carrying with it generally recognized duties, regardless of unknown limits on that particular A (ex: cashier; Chuck) . Estoppel - though not otherwise liable, P becomes liable if: • P intentionally or recklessly led TP to believe A had authority; or • P, knowing of TP’s belief, does not reasonably act to correct TP’s belief. I
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 8

Wendy's BOrgs Outline Fall - Biz Orgs Outline ON TEST:...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online