J11 MGT 401 Agency Law

J11 MGT 401 Agency Law - AgencyLaw MGT401 Prof.Salzman...

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Agency Law MGT 401 Prof. Salzman
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Agency Terminology Agency Principal Agent Fiduciary Relationship  2
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Types of Agency Relationships Employer-Employee  (Master-Servant) Principal – Independent Contractor Principal – Power of Attorney 3
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Employee Status Why does it matter whether a worker is an  employee or an independent contractor? Factors/Questions used to determine  employment status Control  over details - distinct occupation/business - supervision/direction - tools used - duration - payment method/time period - skills 4
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Agency Law 3 Key Issues: 1.The legal relationship between the  2.Authority of the agent the agent and third parties 5
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Agent’s Duties to Principal Performance/Care Notification/Information Loyalty - confidentiality - competition - conflicts of interest Obedience Accounting 6
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Principal’s Duties to Agent Compensation Reimbursement Indemnification Cooperation 7
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Agent’s Authority 1. Actual  Authority a.  Express Authority - oral or written agreement - Equal Dignity Rule - Principal’s Presence - Power of Attorney b. Implied Authority - custom - position - inferred from express authority 8
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c.  Ratification - actual authority after the fact - express or implied Requirements: 1. On Behalf of 2. Knowledge 3. Entirety  4. Timing 5. Legal Capacity – when? 9
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J11 MGT 401 Agency Law - AgencyLaw MGT401 Prof.Salzman...

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