agency slides for web 10 - Relevant Definitions Agency =...

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Relevant Definitions Agency = ability to bind another contractually. Employer/employee – master/servant Partners are agents of partnership and each other but are not employees. Corporate officers are employees and usually are agents. Independent contractor
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Independent Contractor v. Employee To what degree does the principal exercise direction and control ? Behavioral control Instructions Training Financial control Significant investment Method of payment Realization of profit or loss See Clackamas Gastroenterology Assoc v. Wells See Walker v. Lahoski , Case 33-3
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Agency Relationships Principal Agent Third Party
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Issues in Agency Relationship Is the person an agent? Does the agent have authority? To answer these questions, need to know: How is an agency created and terminated? How does an agent get authority? How do you know whether an agent was acting as an agent when the act in question occurred?
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How Is an Agency Created? By agreement Express agreement Implied from conduct By estoppel Acts of the principal Justifiably relied upon by a third party By ratification
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Agent’s Duties Owed to Principal Loyalty Notification Performance Obedience Reasonable care Accounting See Sierra Pacific Industries v. Carter , Case 33-4 See Harts v. Farmers Ins. Exchange , Case 33-5
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Principal’s Duties to the Agent Compensation
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This note was uploaded on 02/24/2011 for the course AEM 3210 taught by Professor Grossman,da during the Fall '07 term at Cornell University (Engineering School).

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agency slides for web 10 - Relevant Definitions Agency =...

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