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Business Law Chapter 32 Agency Formation & Duties Final Review Sheet

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Business Law Final Review Sheet Chapter 32: Agency Formation and Duties Restatement of Agency ○ Summarize basic principles that are essential to agency formation and duties ➢ Agents will act on behalf and instead of the principal in negotiating and transacting business with third parties ○ Fiduciary relationship (agent and principal) ➢ Employees are considered agents of their employers (generally) ○ Some states do not recognize a fiduciary relationship ➢ Employees who deal with third parties are deemed to be agents ○ Ex: A salesperson in a department store is an agent of the store’s owner (the principal) and acts on the owner’s behalf ○ Any sale of goods made by the salesperson to a customer is binding on the principal ○ Most representations of fact made by the salesperson with respect to the goods sold are binding on the principal ➢ Case 32.3 (Taser International, Inc. v. Ward) ○ If the actions were mere preparation or active competition (active competition would be a breach of the duty of loyalty) ➢ Employee v. Independent contractor ○ Employee is an agent of the owner (work is controlled by employer) ○ Independent contractor is not an agent (employer does not have control of an independent contractor’s work) ➢ Criteria to consider whether a worker is an employee or an independent contractor: 1. How much control does the employer exercise over the details of the work? 2. Is the worker engaged in an occupation or business distinct from tha ...
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