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blaw3360
test1
46
Business
Undergraduate 3
09/26/2011

Additional Business Flashcards

 


 

Cards

Term
estoppel
Definition
issue "stopped"--can't be taken further due to circumstances--if person claims apparent authority and nothing is done, must eventually take responsibility for "contract"
Term
objective intent
Definition
what a reasonable person would do
Term
express authority
Definition
go ahead---enter into contract
Term
implied authority
Definition
what would naturally be required to complete the task
Term
apparent authority
Definition
appearance/demeanor makes it "appear" that someone has authority that they do not officially have
Term
principal ratifies action
Definition
must PAY if principal ratifies(accepts) the action
Term
subagents
Definition
agent of an agent (contractors hire subcontractors)--certain jobs should not be contracted out to subagents
Term
fully disclosed principal
Definition
agent purchases product on credit of principal--supplier will not usually hold agent liable because agent "fully disclosed relation to principal
Term
unidentified principal (exists but mysterious identity)
Definition
agent and principal are BOTH responsible--with unknown principal it is difficult to count on their credit and hold them liable
Term
principal liability for agent's torts
Definition
typically only responsible if party is EMPLOYEE (not independent contractor)
Term
EMPLOYEE
Definition
controlled by principal, principal claims responsibility, provided with supplies, typically full time and work for one principal, paid by time, involved with principal's regular business
Term
INDEPENDENT CONTRACTOR
Definition
less controlled by principal, bring their own supplies, usually have multiple clients, paid by job, status is agreed upon, tasks for business or personal tasks?
Term
negligent hiring
Definition
hiring a criminal or sex offender--failing to complete background/reference check (PRINCIPAL IS LIABLE)
Term
negligent hiring
Definition
hiring a criminal or sex offender--failing to complete background/reference check (PRINCIPAL IS LIABLE)
Term
scope of employment
Definition
NOT frolic/detour--act must be typical, during business hours, part of principal's business activities, act is similar to one authorized by principal, tools supplied by principal
Term
agent
Definition
representative of principal
Term
create AP relation--consent
Definition
parties agree to relationship and terms
Term
create AP relation--control
Definition
principal in charge==empowers agent to work for them
Term
create AP relation--fiduciary relationship
Definition
working in principal's best interest
Term
DO NOT NEED A _____________ for AP RELATION
Definition
CONTRACT OR "WORDS OF AGENCY"
Term
duty of loyalty
Definition
NO outside benefits, NO sharing confidential information, NO competition with principal, NO conflict between two principals, NO secretly dealing with the principal
Term
duty to obey instructions
Definition
follow guidelines (expectations)
Term
duty of care
Definition
pay attention to details, GREAT responsibility upon agent
Term
duty to provide information
Definition
don't hide information from the principal, lay your cards out
Term
REMEDIES
Definition
damages ($$$$), profits ($$$$), rescission (termination of contract--rescind)
Term
Principal Duty to Reimburse
Definition
payments made by agent while carrying out duties, torts committed by agent(instructed by principal), contracts entered into by agent as obligation
Term
Principal Duty to Cooperate
Definition
give agent OPPORTUNITY to fulfill duties, do NOT interfere with agent's duties (sabotage), NO compete with agents [w/o exclusive contract-principal can have more than one agent]
Term
PA Relationships--ENDING by agent or principal
Definition
term ends, purpose achieved, mutual agreement to terminate, agency AT WILL, wrongful termination (power but not right)
Term
PA Relationships--ENDING no longer perform
Definition
loss of qualification (license), bankruptcy, death or incapacity, disloyalty
Term
PA relationships--ENDING change in circumstance
Definition
change in law (legality), loss or destruction of subject matter
Term
employment at will
Definition
either party can modify any of the terms or terminate the relationship altogether for any or no reason---exception of public policy
Term
right to work (Texas)
Definition
Texas right to work laws: employment may not be conditioned or denied on basis of membership or non-membership in an union
Term
employment law
Definition
covers all rights and obligations within the employer-employee relationship (employees, job applicants, former employees)
Term
National Labor Relations Act
Definition
created to enforce labor laws
Term
Family and Medical Leave Act (1993)
Definition
You can get time off once a year for up to 12 weeks, do not get paid but will get your job back after the "leave"
Term
Consolidated Omnibus Budget Reconciliation Act
Definition
You are entitled for up to 18 months after you are fired to stay on the company's health plan
Term
wrongful discharge
Definition
[race, ethnicity, gender, religion, origin]
firing you for refusing to break the law, firing you for using a legal right or attending to a legal duty. whistle-blowing (state protection varies, fed. protection if company is publically traded)
Term
contract law
Definition
must be in writing (statute of frauds) if it can't be performed in 3 years
Term
truth in hiring
Definition
certain promises your employer makes are legally enforceable (employee handbook)
Term
covenant of good faith & fair dealing
Definition
(Some states) can't fire someone just because you want to
Term
defamation
Definition
if someone talks bad about you (references, job app)
Term
intentional infliction of emotional distress
Definition
almost impossible to win, applied for all the time
Term
workplace safety
Definition
Occupational Safety hazards act(1970): reduce workplace hazards and implement safety and health programs
Term
employee privacy
Definition
depends on the job--can test for alcohol and drug use, cannot ask you to submit to a lie detector test
Term
electronic monitoring of the workplace
Definition
1986-electronic communications privacy act; assume they can look at anything you do on their network or machinery
Term
financial protection
Definition
fair labor standards. minimum wage. worker's compensation (can't take workers comp and sue)
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