Chapter 16 Flashcards
(24 cards)
Fiduciary relationship based on trust and confidence
Agency
Agency formation
Agreement
Ratification
Estoppel
Operation of law
Formed through express consent (oral or written) or implied by conduct
Agency by agreement
Principle either by act or by agreement ratifies conduct of a person who is not in fact an agent
Agency by ratification
Principle (not agent) causes a third person to believe that another person is the principle’s agent and the third party acts to her detriment in reasonable reliance that belief
Agency by estoppel
Agency based on social duty is formed in certain situation when the agent is unable to contact principle
Agency by operation of law
Implied condition to use reasonable diligence and skill. If agent fails possible breach of contract
Performance
To principle of all matters concerning subject matter of agency
Notification
Agents duty to principle
Loyalty
Obedience
Accounting
Principles duties to agent
Compensation
Reimbursement
Cooperation
Express (oral or written) or implied
Actual authority
Estoppel causes belief in third party
Apparent authority
May turn on classification of principle
Agent liablity
Identity known to 3rd party
Disclosed
3rd party knows he is dealing with an agent but doesn’t know principle identity
Partially disclosed
Party does not know he is dealing with an agent and therefor the principles identity is totally unknown
Undisclosed
Principle is liable for agents negligence if the tort is committed within the agents______ of agency or employment
Course and scope
Employer is not liable for acts of independent contractors because employer has no right to control.
General rule
An extension of wage and hour regulation to workers in interstate commerce
Fair labor standards act (flsa)
Overtime exempt if paid salary (nor hourly wages) and primary dust is management
Administrative employees
The fundamental federal law aimed toward safety in a workplace
The occupational safety and health act (osha)
Doesn’t require employers to set up pension plans but provides rules on management and investment
Employer retirement income security act (ERISA)
Provides a federal right to continued health insurance
COBRA
Prohibits certain unfair labor practices such as closed shops but preserved union ship
Labor management relations act
