Management and Organizational Studies 2275A/B Chapter Notes - Chapter 16: Financial Statement, Avail, Transfer Tax

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Chapter 16: the corporate form operational matters. Corporation can experience two distinct kinds of liability in tort: primary liability and vicarious liability. Have primary liability for a tort when, its regarded as the entity that actually committed the tort in question. Theory seeks to determine which person and persons are directing minds. When that person (or people) commits a tort related to the business enterprise, this conduct is identified with or attributed to the corporation itself. Liability of the corporation is thereby made direct-not vicarious- because in law, conduct of directing mind = conduct of corporation. Corporation has vicarious liability when the tort has been committed by an agent or employee who is not a directing mind of the corporation. Law of vicarious liability doesn"t distinguish between natural employer/principal, that is living being and the artificial employer/principal, that is the corporation. Agency law largely determines when a corporation is liable on a contract.

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