Term
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Definition
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Term
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Definition
| A promise for a requested action |
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Term
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Definition
| When the last act necessary to make the contract binding is made. Like (Case 13-1) if a contract is mailed to another state the state in which the contract is last signed in is the state-level contract law under which the contract is governed. |
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Term
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Definition
| A contract in which the terms are clearly set forth in either wirtten or spoken words. |
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Term
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Definition
| A contract in which there is assumed to be a contract based on the conduct of the parties, even if nothing had been spoken or put in writing. |
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Term
| 3 conditions of an "implied-in-fact" contract |
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Definition
| 1) Has the plaintiff provided some property or service to the defendant. 2) Was the plaintiff expected to be paid for such property or service, and a reasonable person in the position of the defendant would have expected to pay for it. 3) The defendant has the opportunity to reject the property or service but does not. |
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Term
| Quasi/Implied-in-law Contracts |
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Definition
| Not actually a contract, but the courts will impose contractual obligations on one of the parties as if that party had entered into a contract to prevent one party from being unjustly enriched at the expense of another. If there was a mistake and a party was enriched, a quasi-contract wouldn't apply. |
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Term
| 3 conditions of a quasi/implied-in-law contract |
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Definition
| 1) A benefit is conferred by the plaintiff upon the defendant; 2) the defendant has knowledge of the benefit that is being bestowed on him/her; 3) the defendant retains the benefit under circumstances where it would be unjust to do so without payment. |
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Term
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Definition
| the party initiating a contract |
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Term
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Definition
| the party being offered a potential contract |
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Term
| The 3 elements of an offer |
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Definition
| 1)serious visible intent (interpreted reasonably) by the offeror to be bound to an agreement 2)reasonably definite, certain, and material terms (subject matter, price, quantity, quality, and the parties involved) 3)communication to the offeree |
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Term
| The 3 elements of an acceptance |
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Definition
| 1) Intent to be bound by the acceptance of the contract 2) agreement to the definite and certain terms of the offer 3) Communication to the offeror. |
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Term
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Definition
| The terms of the acceptance must mirror the terms of the offer. |
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Term
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Definition
| When an agent is authorized to act for and on behalf of the principal who hires the agent to represent him or her. |
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Term
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Definition
| the fiduciary relationship that results from the manifestation of consent by one person to another that the other shall act in his behalf and subject to his control, and consent by the other so to act. |
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Term
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Definition
| When parties form an agency relationship by making a written or oral agreement. |
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Term
| apparent agency/agency by estoppel |
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Definition
| When an agency relationship is created because the principal's conduct, from the perspective of the third party, makes it seem as if the agent has apparent authority to act. |
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Term
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Definition
| a person who contracts with another to do something for him but who is not controlled by the other nor subject to the other's right to control with respect to his physical conduct in the performance of the undertaking. |
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Term
| Principal's duties to the agent |
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Definition
| Duty to compensate, duty of reimbursement and indemnification, duty of cooperation, and duty to provide safe working conditions. |
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Term
| Agent's duty to the principal |
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Definition
| Duty of loyalty, duty of notification, duty of performance, duty of obedience, and duty of accounting. |
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Term
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Definition
| a specific form of express authority, usually in writing, granting an agent specific powers. |
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Term
| special power of attorney |
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Definition
| this grants the agent specific authority over specifically outlined acts. |
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Term
| general power of attorney |
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Definition
| this allows the agent to conduct all business for the principal. |
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Term
| durable power of attorney |
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Definition
| this specifies the agent's authority is intended to continue beyond the principal's incapacitation. |
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Term
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Definition
| the latin phrase meaning "let the superior speak". In Law it means the principal is liable for the torts of the agent when the agent acts within the scope of their duties. |
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Term
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Definition
| liability which is assigned even though the party the liability was assigned to was not at fault. |
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Term
| Termination of an Agency Relationship by the acts of the parties involved. |
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Definition
| lapse of time, fulfillment of purpose, occurrence of a specific event, mutual agreement by the parties, revocation of authority, renunciation by the agent, and agency coupled with an interest. |
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Term
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Definition
| When an agency relationship is terminated all parties who have had business interactions with an agent must directly inform them, orally or in writing, that the agency agreement has terminated. When the agent's authority was granted in writing, actual notice also must be given in writing. |
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Term
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Definition
| This is a form of notification of the termination of a relationship. It's a notification to the area where the business of the agency relationship would generally occur. Notice given by publishing in a newspaper, recording, or other method which legally notifies the parties involved, but may not actually notify them. |
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Term
| Termination of an Agency Relationship by the operation of law. |
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Definition
| Death, insanity, bankruptcy, changed circumstances, change in the law, impossibility, disloyalty of agent, war. |
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Term
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Definition
| An association of two or more persons to carry on as co-owners of a business for profit. This won't exist if it is based on one party paying off the debts of another (check UPA restrictions). The key aspects are: was there profit sharing? Was there expression of intent to be partners? Who had control? Did they share in the losses and liabilities as well? Was there contribution of money or property by the parties? |
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Term
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Definition
| The duty to be loyal in a partnership. Partners must, in good faith, work for the benefit of the partnership. |
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Term
| Joint and several liability |
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Definition
| All partner's are liable for the partnership's debts. A third party can choose to sue the partners separately or all partners jointly in one action. |
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Term
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Definition
| Formation --> Performance --> Dissolution --> Winding up --> Termination or Continuation |
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Term
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Definition
| The period of time in between the dissolution of a partnership and the termination of a partnership where Partners complete any unfinished partnership business, collect and pay debts, collect partnership assets, and take inventory. Partners are still required to fulfill their fiduciary duty during this time. |
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