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L201FinalOutline - Final Exam L201 Rough Subject Outline...

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Final Exam L201 Rough Subject Outline Legal Environment of Business Spring 2011 Professor Shackelford *Please note that it is NOT adequate preparation for the exam simply to review this rough outline. You must know the content to which this outline refers and, more importantly, you must be able to apply this information to hypothetical factual situations. GOOD LUCK!! 1) Agency a) Creation i) Manifested agreement: objective test courts use to determine if an agency exists ii) Know whether or if a contract must be used to create an agency iii) Know about non-delegable duties b) Know the various kinds of agency authority and how they are created and what happens to that authority upon termination of the agency (see below) i) Express: Principal to Agent ii) Implied: Principal to Agent (1) What agent must be able to do to accomplish express authority (2) What agent reasonably believes is necessary to accomplish express authority iii) Apparent: Principal to third party (1) Communication from Principal to third party (3P) (2) Which causes 3P to reasonably conclude that A has authority c) Know issues surrounding subagency (from book) d) Duties of Agent to Principal i) Contractual ii) Fiduciary (1) Know the most important duty is the duty of loyalty and the specific ways that an agent must fulfill that duty (a) Avoiding conflicts of interest, including self dealing, direct competition, and dual agency (b) Duty not to disclose confidential information (2) Know the other duties of an agent, their specific requirements on the agent, and how they might be breached (a) Duty to obey instructions (b) Duty to act with care and skill (c) Duty to notify principal (d) Duty to account iii) Know the duties of the Principal to the Agent (1) Contractual
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(2) Implied (a) Duty to compensate (i) Even if they don’t specifically talk about an amount (ii) Can’t interfere with A’s accomplishment or ability to get compensation (b) Duty to reimburse and indemnify e) Know the various ways that an agency can be terminated i) By act of the parties ii) By law iii) Know the effect of each of those ways that the agency is terminated on the authority of the agent (especially the apparent authority). iv) Know that termination may have an accompanying requirement of notice for Principals who want to avoid liability f) Know when a Principal can be liable for the acts of an Agent i) Contractual: (1) When the Agent has authority (express, implied, or apparent) (a) Know the special situations when implied authority becomes important (i) Business managers (ii) Property managers (iii) Sales agents (2) When agent does not have authority (a) Know when and how a Principal may ratify a contract entered into by an agent without authority (i) Know the requirements for ratification (as well as circumstances under which principal cannot ratify) (ii) Know how the intervening events or acts of the third party may strip the principal of the power to ratify ii) Tort: (1) Know the elements of respondeat superior (a) Know how to distinguish an employee from an independent contractor
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