Commerical Law Exam 1

In: Business and Management

Submitted By eyu3
Words 2988
Pages 12
CH. 32

1. Know the term fiduciary in the context of agency, and the requirements of a fiduciary relationship.
“the fi duciary relation [that] results from the manifestation of consent by one person to another that the other shall act in his [or her] behalf and subject to his [or her] control, and consent by the other so to act.” When used as a noun, it refers to a person having a duty created by his or her undertaking to act primarily for another’s benefi t in matters connected with the undertaking. When used as an adjective, as in the phrase fi duciary relationship, it means that the relationship involves trust and confi dence.

2. Know the criteria used by courts to determine a worker's status as employee or independent contractor. Why does this determination make a difference?
How much control does the employer exercise over the details of the work? Is the worker engaged in an occupation or business distinct from that of the employer(If so, this points to independent-contractor,) Is the work usually done under the employer’s direction or by a specialist without supervisionDoes the employer supply the tools at the place of work? (For how long is the person employed? What is the method of payment—by time period or at the completion of the job? What degree of skill is required of the worker? (

3. Know the 4 ways an agency relationship can be created.
An agency relationship can arise in four ways: by agreement of the parties, by ratifi cation, by estoppels and by operation of law. We look here at each of these possibilities

4. Know the duties that agents and principals owe each other, and the rights and remedies available to each. performance, notifi cation, loyalty, obedience, and accounting. The principal also has certain duties to the agent.
These duties relate to compensation, reimbursement and indemnifi cation,…...

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