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Agency
Forms
WILDCARD!
Agents, see?
Corp. Governance
100
Legal doctrine by which a principal can be held vicariously liable for the torts committed by employees within the scope of employment.
What is respondeat superior?
100
This business form is often formed inadvertently, based on the nature of the owners' participation together.
What is a general partnership?
100
business form created by operation of law when a principal's own words or actions cause a third party to reasonably believe that principal and agent are in business together for a profit.
What is "partnership by estoppel"?
100
This rule holds that if the type of contract that is being executed requires a writing to be enforceable, then the Agent's authority to act on behalf of the principal for that contract must also be in writing to be enforceable; otherwise, the contract is voidable at the election of the Principal.
What is the Equal Dignity Rule?
100
These persons enjoy corporate veil protection from personal liability for corporate acts.
Who are Shareholders?
200
Power in an agent which is created by a third party's perception of the Principal's words or conduct.
What is apparent authority?
200
This business form allows an owner to invest in, and participate in, in the business without being exposed to personal liability or double taxation.
What is a Limited Liability Company?
200
Due to it's current popularity, this form of business could be called, "a hot mess".
What is a Limited Liability Company?
200
This rule requires that an employee be paid back for liabilities incurred because of authorized and lawful conduct or transaction.
What is the Principal's duty of indemnification?
200
Method by which a court can hold shareholders personally liable for the debts of the corporation.
What is piercing the corporate veil?
300
Any copyrighted work created by an employee at the request of the employer that legally becomes the property of the employer.
What is a Work for Hire?
300
The amount of votes required to hold an official vote on a corporate proposal.
What is a quorum?
300
The activity that causes employers to be subject to Federal employment laws such as the FLSA, NLRA, and ERISA.
What is engaging in interstate commerce?
300
This is the liability theory by which an employer may be held responsible for damages arising from an employee's intentional torts simply because the employee had a documented history of such wrongful behavior.
What is negligent hire?
300
This act can subject a director to personal liability, regardless of whether the director used his or her best judgment at the time of the act?
What is breaching the duty of loyalty?
400
It is the chief criteria considered by the IRS when determining whether an agent is an employee or an independent contractor.
What is the degree of control?
400
The key consideration determining whether a franchisor can be held vicariously liable for the torts of its franchisee.
What is the degree of control over the conduct of the franchisee?
400
Judge Baron Parke famously called this kind of departure from the agent's duties enough to shield the principal from vicarious liability.
What is "a frolic"?
400
An employer can be held liable for damages caused by an independent contractor if the contractual relationship between them involves this type of work.
What are unusually hazardous activities?
400
These persons decide how much to pay the directors.
Who are the directors?
500
1) Lapse 2) Purpose acheived 3) Occurence of a specific event 4) Mutual Agreement, or 5) By Operation of Law
What are ways that agency relationships may be terminated?
500
The doctrine by which the corporation or its shareholders can hold directors or officers personally liable for acts taken on behalf of the corporation that are beyond their express or implied powers.
What is ultra vires?
500
In a legally-valid agency relationship, only this party MUST be mentally competent.
Who is the Principal?
500
Absent an agreement otherwise, these three factors are most indicative of the presence of a partnership relationship.
What is 1) shared profits and losses, 2) joint rights of ownership, and 3) equal control or management rights.
500
Proposed amendments to the Articles of Incorporation or bylaws, whether to conduct a merger or acquisition, or whether to sell of substantially all of the corporation's assets are decisions that are voted upon by these persons.
Who are shareholders?