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I need your help for Business Law I homework. All information is provided

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Saylor URL: http://www.saylor.org/books S a y l o r . o r g 1325 Chapter 38 Relationships between Principal and Agent LEARNING OBJECTIVES After reading this chapter, you should understand the following: 1. Why agency is important, what an agent is, and the types of agents 2. What an independent contractor is 3. The duties owed by the agent to the principal 4. The duties owed by the principal to the agent 38.1 Introduction to Agency and the Types of Agents LEARNING OBJECTIVES 1. Understand why agency law is important. 2. Recognize the recurring legal issues in agency law. 3. Know the types of agents. 4. Understand how the agency relationship is created. Introduction to Agency Law Why Is Agency Law Important, and What Is an Agent? An agent is a person who acts in the name of and on behalf of another, having been given and assumed some degree of authority to do so. Most organized human activity—and virtually all commercial activity— is carried on through agency. No corporation would be possible, even in theory, without such a concept. We might say “General Motors is building cars in China,” for example, but we can’t shake hands with General Motors. “The General,” as people say, exists and works through agents. Likewise, partnerships and other business organizations rely extensively on agents to conduct their business. Indeed, it is not an exaggeration to say that agency is the cornerstone of enterprise organization. In a partnership each partner is a general agent, while under corporation law the officers and all employees are agents of the corporation. The existence of agents does not, however, require a whole new law of torts or contracts. A tort is no less harmful when committed by an agent; a contract is no less binding when negotiated by an agent. What Chapter 38 from Business Law and the Legal Environment was adapted by The Saylor Foundation under a Creative Commons Attribution-NonCommercial-ShareAlike 3.0 license without attribution as requested by the work’s original creator or licensee. © 2014, The Saylor Foundation.
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Saylor URL: http://www.saylor.org/books S a y l o r . o r g 1326 does need to be taken into account, though, is the manner in which an agent acts on behalf of his principal and toward a third party. Recurring Issues in Agency Law Several problematic fact scenarios recur in agency, and law has developed in response. John Alden Consider John Alden (1599–1687), one of the most famous agents in American literature. He is said to have been the first person from the Mayflower to set foot on Plymouth Rock in 1620; he was a carpenter, a cooper (barrel maker), and a diplomat. His agency task—of interest here—was celebrated in Henry Wadsworth Longfellow’s “The Courtship of Miles Standish.” He was to woo Priscilla Mullins (d. 1680), “the loveliest maiden of Plymouth,” on behalf of Captain Miles Standish, a valiant soldier who was too shy to propose marriage. Standish turned to John Alden, his young and eloquent protégé, and beseeched Alden to speak on his behalf, unaware that Alden himself was in love with Priscilla. Alden accepted his captain’s assignment, despite the knowledge that he would thus lose Priscilla for himself, and sought out the lady. But Alden was so tongue-tied that his vaunted eloquence fell short, turned Priscilla cold toward the object of Alden’s mission, and eventually led her to turn the tables in one of the most famous lines in American literature and poetry: “Why don’t you speak for yourself, John?” John eventually did: the two were married in 1623 in Plymouth. Recurring Issues in Agency Let’s analyze this sequence of events in legal terms—recognizing, of course, that this example is an analogy and that the law, even today, would not impose consequences on Alden for his failure to carry out Captain Standish’s wishes. Alden was the captain’s agent: he was specifically authorized to speak in his name in a manner agreed on, toward a specified end, and he accepted the assignment in consideration of the captain’s friendship. He had, however, a conflict of interest. He attempted to carry out the assignment, but he did not perform according to expectations. Eventually, he wound up with the prize himself. Here are some questions to consider, the same questions that will recur throughout the discussion of agency: x How extensive was John’s authority? Could he have made promises to Priscilla on the captain’s behalf—for example, that Standish would have built her a fine house? x Could he, if he committed a tort, have imposed liability on his principal? Suppose, for example, that he had ridden at breakneck speed to reach Priscilla’s side and while en
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Saylor URL: http://www.saylor.org/books S a y l o r . o r g 1378 Chapter 39 Liability of Principal and Agent; Termination of Agency Chapter 39 from Business Law and the Legal Environment was adapted by The Saylor Foundation under a Creative Commons Attribution-NonCommercial-ShareAlike 3.0 license without attribution as requested by the work’s original creator or licensee. © 2014, The Saylor Foundation.
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Saylor URL: http://www.saylor.org/books S a y l o r . o r g 1379 LEARNING OBJECTIVES After reading this chapter, you should understand the following: 1. The principal’s liability in contract 2. The principal’s liability in tort 3. The principal’s criminal liability 4. The agent’s personal liability in tort and contract 5. How agency relationships are terminated In Chapter 38 "Relationships between Principal and Agent" we considered the relationships between agent and principal. Now we turn to relationships between third parties and the principal or agent. When the agent makes a contract for his principal or commits a tort in the course of his work, is the principal liable? What is the responsibility of the agent for torts committed and contracts entered into on behalf of his principal? How may the relationship be terminated so that the principal or agent will no longer have responsibility toward or liability for the acts of the other? These are the questions addressed in this chapter. 39.1 Principal’s Contract Liability LEARNING OBJECTIVES 1. Understand that the principal’s liability depends on whether the agent was authorized to make the contract. 2. Recognize how the agent’s authority is acquired: expressly, impliedly, or apparently. 3. Know that the principal may also be liable—even if the agent had no authority—if the principal ratifies the agent’s contract after the fact. Principal’s Contract Liability Requires That Agent Had Authority The key to determining whether a principal is liable for contracts made by his agent is authority: was the agent authorized to negotiate the agreement and close the deal? Obviously, it would not be sensible to hold a contractor liable to pay for a whole load of lumber merely because a stranger wandered into the lumberyard saying, “I’m an agent for ABC Contractors; charge this to their account.” To be liable, the principal must have authorized the agent in some manner to act in his behalf, and that authorization must be communicated to the third party by the principal.
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Read all assigned materials listed. Cite to these materials in in text citations in all responses you post to these LAs. Create a separate posting for each learning activity, i.e., one post for Learning Activity 1, a separate post for Learning Activity 2. Each activity about 300 words. Citations should be provided and  properly formatted. LA 1 In April 2015, Collector appointed Ageless Antiques, a licensed antique dealership, as agent to Fnd and purchase antique baby grand pianos manufactured by Steinway between 1880-1900 to add to Collector’s collection. Identify and explain, according to the Restatement of Agency, 6 ways a principal may be bound to contracts entered into by an agent on behalf of a principal. Analyze each using the short scenario above.
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LA 2 Refer to the scenario regarding Ageless Antiques and review A and B below. Evaluate and apply the principles of agency law to these events and describe the legal eFect of each of these events on the agency-principal relationship and why. A. In August, 2015, Ageless Antiques found an antique Steinway baby grand piano manufactured in 1890, but kept the piano to sell in the Ageless shop rather than selling it to Collector. B. In May, 2015, Ageless Antiques bought on behalf of Collector an antique baby grand piano manufactured in 1880 by Grant Company. Collector’s death in September 2015.
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