ACCT 324 Midterm: ACCOUNTING 324 Exam 2
Document Summary
Agency law and capacity needed to be an agent. Agency relationships can be formed if: they are being created for a lawful purpose, the person who is to act as an agent has contractual capacity. Agent: one authorized to act for/on behalf of principal. Principal: one who hires agent to represent him/her. Fiduciary: one with duty to act primarily for another person"s benefit. What happens upon criminal conduct of an agent. If agent commits crime, agent is liable for crime. If agent commits crime in scope of employment, without authorization of principal, principal is not liable for agent"s crime. Principal liable for agent"s crime if principal authorized agent"s criminal act- were they told to do it. Taft hartley act (labor management relations act): 1947, designed to limit some of the powers unions had acquired under the wagner act. This was an amendment to wagner act, collectively referred to as national labor. Look at all acts applied to labor unions.
