BLS 342 FINAL STUDY GUIDE

BLS 342 FINAL STUDY GUIDE - Mechanical Miscalculation is a...

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Mechanical Miscalculation is a defense Error in business judgment is not Implied condition at law - The same as condition concurrent a. The law makes the default assumption Statute of frauds - Some contracts must be in writing to be valid Y-1 year - A service contract that is incapable of being completed within 1 year of the onset of it a. If believed it could be completed within the year but takes more then 1 year, it does not invalidate the oral contract Agency - Principal/ Agent a. When you are working you are an agent for your employer. Therefore anything positive goes toward the principal (anything found) but also anything negative you may do as an agent will hold the principal (employer) liable b. Contractual relationship between them a. Although some agents without consideration b. Must be with people with contractual capacity c. What has the principal authorized the agent to do? i. A question of authority Agent - Authority a. Actual Authority a. Agent is specifically told what to do b. Authority exists because expressed to agent by principal b. Implied Authority a. Just as significant b. You can imply bases on actions or past that there is authority c. Ex. Selling a box of clothes with sign that says sell these? But not specifically sold to d. Implied actions i. Sell stuff at booth so you implied that you were authorized to rent out the booth c. By Estopple - Apparent a. Brought about by a 3 rd party action on some reliance on this agency existing. Brought about by the actions of the principal b. Apparent Authority c. If you the owner makes someone else think that another person is your agent, then you can be held liable for anything they may do i. A 3 rd parties belief opens you up to the same amount of authority than you would if it was actual authority Agents Duties - Must meet all of these as an agent a. Loyalty - As an agent we cannot do something that is contrary to the principal a. Ex. Haughey cannot help someone sue the university because he is an employee b. Competing or conflicting interests- You cannot work against the same
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person you have represented before c. Realtors are dual agents and they are the only ones that can represent opposing parties b. Care - When we are acting as an extension of the principal as an agent we must act as a reasonably prudent person a. Must go with the obligations of the principal c. Obedience - Follow the directions of our principal Duties of the Principal a. Compensation - The majority of the time an agent is working for the principal they are doing it for compensation b. Includes reimbursement for any loss or cost of their duties to do the principals obligation Vicarious Liability Respondent Superior a. Notion that the principal is essentially standing in the shoes of the agent. When they are acting with the authority given by the principal, then the
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This document was uploaded on 11/02/2011 for the course BLS 342 at Miami University.

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BLS 342 FINAL STUDY GUIDE - Mechanical Miscalculation is a...

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