Flashcards in mini review Deck (9)
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1
P liability for A's torts
1) assent
2) benefit
3) control + scope = vicariously liable
(intentional torts generally outside scope_
2
P's liability for A's K's
1) Actual express authority (oral x/c land, + revocable, unless POA)
2) actual implied authority (necessity, custom , prior acquiescence)
3) apparent authority" (p cloaks + 3rd party reasonably relies)
4) ratification (knowledge + acceptance of benefits)
authorized agents are not liable unless undisclosed principal
3
duties agent owes to P
1) duty of care
2) duty to obedience
3) duty of loyalty
4
partnership formation
1) no general partnership formation formalities
association of 2 or more persons carrying on as co-owners of a business for profit
5
liabilities to 3rd parties (partnership)
1) general partners liable for all partnership obligations
2) estoppel= representers are liable as if general partners
6
relations b/w partners
1) fiduciary- accounting for profits
2) property- only share of profits is liquid and transferable personal property
3) w/o an agreement equal control (no salary) equal profits and loses shared just like profits
7
dissolution priority
1) all creditors for sure
2) all capital contributions for sure
3) profits if any shared equally if absent agreement
8
dissolution distribution rule
each partner must receive loans and capital plus shares of profit but also minus their share of loses
9
