Class_6_Agency-partnerships

Class_6_Agency-partnerships - Agency/Partnership Class 6...

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Agency/Partnership Class 6
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Today 1. Fiduciary duties of agents Reading v. Regem General Automotive Manufacturing Co. v. Singer Town & Country House & Home Service Inc. v. Newbery 2. What is a Partnership Fenwick v. Unemployment Compensation Commission Martin v. Peyton
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Fiduciary Obligations of Agent All agents owe their principals a duty of loyalty § 387 Restatement (2nd) Unless otherwise agreed, an agent is subject to a duty to his principal to act solely for the benefit of the principal in all matters connected with his agency. See also § 8.01 Common situations Secret profits (§ 388)
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Reading v. Regem Facts Why should the Crown be able to recover even though it suffered no loss? What was the connection between secret profits and business of the principal? See § 404 Restatement (2nd)
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Hypotheticals Same facts by sergeant discharged by army War hero gets benefits and cash Schwarzkopf promotes book about Gulf War CEO writes book about experiences Michael Jordan receives royalties for use of his name Harvard law professor is expert witness
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General Automotive Mfg. Co. v. Singer Facts How might Singer have cleansed the transaction? Is the remedy simply a windfall for GA? Why doesn’t the court rely on the express terms of the contract? Difference in remedies Moral disapproval
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Facts Do former employees owe fiduciary obligations? § 396 Restatement (2nd) §§ 8.04, 8.05 Restatement (3rd) What if defendant’s had committed client list to memory? Lawyers ability to solicit clients from old firm?
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Other duties Restatement contains other duties agent owes to principal § 381: agent is obliged to alert principal to information that the agent knows the principal would like to have § 382: agent is obliged to keep account of all money or other things which he has received or paid out on behalf of the principal § 383: agent is forbidden from acting except in accordance with the principal’s
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Class_6_Agency-partnerships - Agency/Partnership Class 6...

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