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Agency, Partnership - Coggle Diagram
Agency
Torts
3rd party v. Principal
Agent is employee
Respondeat superior: doctrine imposes vicarious liability upon a principal for the torts his agent commits in the scope of employment.
agent performs tasks assigned by the employer of engages in a course of conduct subject to employer's control
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Strict liability doctrine, so no defenses
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Contracts
3rd party v. principal
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types of authority
actual: manifestation of the principal to the agent that the agent acts for the benefit of the principal in a particular way and that the principal agrees to be bound by the agent's actions
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implied
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things the agent believes the principal wishes him to do based on his reasonable understanding of the principal's expressed request.
Apparent
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third party reasonably believes the agent has authority to act on behalf of the principal, and
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3rd party v. agent
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breach of warranty of authority: Agent acts beyond her authority on behalf of a principal. Agent is liable
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Partnership
winding up/termination
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winding up includes reducing the partnership assets to cash and then distributing that cash to the entitled parties.
there may be an issue as to whether a specific asset is actually partnership property or whether it is the individual partners property.
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Creation
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creation of partnership
first define a partnership: an association of two or more persons to carry on as co-owners a business for profit. Then, address the aspects of general partnership creations. apply the facts.
the parties agreed to work together on a handshake, shared profits yet but nothing in writing = general partnership
the parties agreed to work together, shared profits, and put everything in writing = general partnership
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General partnership: an association of two or more persons to carry on as co-owners a business for profit
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limited partnerships
types of partners:
general partners: manage the business and are personally liable without limitation for partnership obligations
limited partners: contribute capital and share in profits, but take no part in the control or management of the business, and whose liability is limited to their contributions
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dissociation/dissolution
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dissociation refers generally to a partner's separation from the partnership including death, with-drawal, bankruptcy, or expulsion. the partnership is technically still alive at that point as the law wants a business to continue.
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after a partner dissociates from the partnership, the next issue is whether the partnership is dissolved.
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working life
partners' powers:
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authority
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restrictions: third party must know about restrictions on authority or the partnership will be bound
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liability
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partner is entitled to indemnification by the partnership for any payments he makes on the partnership's behalf
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incoming partner is not personally liable for any partnership obligation incurred prior to her admission as a partner