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SLIDES for exam2 - SLIDES for exam#2 Agents and principals...

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SLIDES for exam #2 Agents and principals each owe a fiduciary duty to the other (lawyer=agent) True Adam is negligent while driving through the Wendy’s parking lot. UPS is liable because Adam was on a detour Adam is negligent while driving out of the Gil’s K-9 bar parking lot after drinking three beers for lunch. Adam was on a frolic, UPS not eligible 9/29/11 Is it possible to be in a partnership w/o an agreement (by accident)? Yes! If there is no agreement, how do we know it’s a partnership? Apply partnership definition. 10/4/11 Adam will continue to be personally liable for the old debt owed to John Deere. True, it was incurred while he was a partner. Adam will be liable to Zamzows for this new PS debt incurred after he withdrew. Maybe-Under certain circumstances On person (Steve) cannot be both an officer and director of the corporation. False, he may be both an officer and a director (and shareholder too) Shareholders will never be liable for the corporation’s debt. False Sometimes shareholders can cast more than one vote per share.
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