Agency pt.1
Someone authorized to act for someone else
Agent
The Person giving authority to the Agent
The principle
A legal entity separate from its owners
Corporation
Fired without reasonable cause, notice, or pay in lieu
Wrongful Dismissal
To let the buyer beware means _ In Latin
Caveat emptor
Authority that a third party reasonably believes an agent seems to have
apparent authority
A business owned and operated by one person
Sole Proprietorship
Owners of a corporation are called _
Shareholders
A wrongful dismissal allows _ time to file a claim
2 years
The 2 functions of the Sale Of Goods act
set aside caveat emptor, and determine when the title transfers to the buyer
Multiple people doing business with the goal of profiting
Partnership
The owner is responsible for all business debts
Personal Liability
Specific people responsible for managing a corporation
Directors
A key employee can be sued for _ if they quit without giving reasonable notice
Wrongful Leaving
The risk follows _
The title
Partners are personally responsible for the business's debts
unlimited liability
A partner who's not management but has limited liability
Limited Partner
Shares that have no preferential rights or privileges attached
Common Shares
The 3 tests to establish someone as an employee or contractor
Control, Organizational, risk
The _ Act controls mergers, prohibits abusive trade practices, and restricts agreements between merchants
Competition Act
The principal later approves the contract even though the agent overreaches their authority
Ratification
The duty partners owe each other to act honestly and in good faith
Fiduciary Duty
The protection shareholders have from personal liability for corporate debts
Limited Liability
The four aspects a director is liable for
Wages, Taxes, environment, human rights
3 things the Sale Of Goods act doesn't apply to
Services (unless for installation of goods), goods used as collateral, Barter Contracts)