BUSI 561 Chapter Notes - Chapter 16: Independent Contractor, Legal Doctrine, Estoppel
Document Summary
Agency: a fiduciary relationship between two persons in which one (the agent) acts on behalf of, and is subject to the control of, the other (the principal) Principal-agent relationship: one in which the principal gives the agent expressed or actual authority to act on the former"s behalf. Expressed authority: authority that arises from specific statements made by the principal (employer) to the agent (employee) Includes expressed authority as well as implied authority, or that authority customarily given to an agent in an industry, trade, or profession. Respondeat superior: legal doctrine imposing liability on a principal for torts committed by an agent who is employed by the principal and subject to the principal"s control. Principal-agent: agent is hired by the principal to act on the principal"s behalf subject to the latter"s control and consent. Employer-employee: employer controls the employee"s physical conduct and determines the details of performance.
