ADM 3360 Study Guide - Corporate Law

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peartortoise481

11 Jul 2014

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Business law is to help you manage the mistakes. Type of agencies: a formal agreement: an agency you created by writing (formal document) or oral means. (when having an agent, you have to know who they are) Notion of delegation of authority: look at actual authority or apparent authority. Is the actions he did applied/ based on the express/ implied terms. Corporate opportunity is always in favor of business: not use the assets of business for personal advantage. Bridge of warranty of authority is the agent"s behavior: if the third party is aware of the bridge of authority, then the principal is not liable for the access of the agent. *sec 2 tells us that partnership involves four elements. 1) is a relationship. (there has to be a contract either in writing or oral; between two or more parties) 2) between persons. (could be unions, individuals, etc)

Related Questions

Business law Agency and partnership 1.The creation of an agencyalways required a written document authorizing the agent to act forthe principal and signed by both the principal and the agent.T/F

2.No consideration is required to create an agency relationship.T/F

3.Failure to notify partner with whom an agent has dealt of hertermination can create liability to those parties under the theoryof apparent authority. T/F

4.Liability for the tortious acts of an agent will depend uponhow much control the principle had over the agent. T/F

5.General partner stand only to lose their investment in thepartnership if the partnership goes broke. T/F

6.Under the doctrine of respondent superior the principal isliable for any harm caused by his agent, when the agent is actingwithin the scope of his authority. T/F

7.If the partners fail to write down the proportional ownershipinterest then they will be presumed to be equal partners. T/F

8.In the absence of a written agreement, any partner can refuseto allow anyone to become a partner in his partnership, since it isa voluntary relationship. T/F

9.What is known by the agent is presumed to be known by theprincipal. T/F

10.A limited partnership only has limited partners. T/F

11.Limited partners have a limited right to manage thepartnership affairs. T/F

12.Partners cannot use the general partnership agreement to denythe claims of creditors of the partnership; if the assets of thepartnership are not enough to the debt of the partnership thenpartners are personally liable for the debts of the partnership.T/F

13.A partnership is not a tax paying entity, but must file a taxreturn. T/F

14.The principal of Marshaling of assets means that creditors ofan individual partner must first exhaust his assets before takingany partnership property. T/F

15.The statute of frauds does not generally require anypartnership agreement to be in writing. T/F

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ADM 3360 Study Guide - Corporate Law

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