According To The Text, It Says That “Liability For Contracts

Both the principal and the agent have duties. The duties of the principal include compensation, reimbursement and indemnification, cooperation, and safe working conditions. The duties of the agent include loyalty, performance, notification, obedience, and accounting.

Agency Problem: “The difficulties that arise when a principal hires an agent and cannot fully monitor the agent’s actions.” (Cornett, Adair, & Nofsinger, 2016, p. 15).

Wally, business owner of Windy City Watches is located in downtown Chicago, IL. Business is booming and Wally needs to buy a large quantity of Rolek watches which sell for $50 apiece. He calls Randy Rolek, the wholesaler located in Milwaukee WI. They discuss terms on the phone for a while before coming to an agreement in which Wally offers to buy 100 watches for $25 each. Randy sends over an order form in which Wally states that he is agreeing to purchase watches from Randy for $25 each, but does not include the quantity in which he will buy. Randy sends 50 watches the following week with a note included stating that he has sent 50 watches and will send the other remaining 50 watches within a few days but includes the bill for the full

12. Which of the following torts committed by an agent is the liability of the principal?

“The agency relationship is defined as ‘the fiduciary relationship which results from the manifestation of consent by one person to another that the other shall act in his behalf and subject to his contract, and consent by the other so to act.’ Agents obligations relating to their players are defind not only by contact, but by the fiduciary characteristics of the relationship.” The agent owes his/her player a lot of things in their basic care to their player. These things include the fiduciary duty of undivided loyalty and the duty to act in good faith at all times. The player is going to entrust this agent with all of their fortune, reputation, and legal rights and responsibilities. Along with all of these duties the agent is going to have to abide by what the player wants and carry out what their desire are. This is a responsibility of the agent and it must only do what is desired by and for the player and must not carry out its own business affairs. “The agent must obey all of his/her players’ lawful instruction no matter how arbitrary or capricious any of those instructions seem to the agent or anyone else. However, if the player instructs the agent to perform something illegal, like bribe someone, the agent does not have to comply.”

Bernie a resident of Richmond, Virginia decides to sale his 2006 Ford Fusion for $13,000.00 and places an ad in his local newspaper on February 1st. After several weeks without any inquiries, Vivian contacts Bernie on March 1st stating she will pay him $12,000.00 for the car. Bernie arranges to meet with Vivian on March 5th to complete the deal. Vivian comes to Bernie’s house on March 10th and says she will give Bernie $12,500.00 for the car; but she needs three additional weeks to come up with the money. Bernie agrees but only if Vivian puts down a deposit. Vivian agrees and Bernie drafts an agreement stated the sale will must take place no later than March 31st. Vivian reads and signs the agreement and

• a duty to act within powers, that is, to act in accordance with the company’s constitution

Ch. 17 #3 There are five duties that the agent typically owes to the principal. These duties include “performance, notification, loyalty, obedience, and accounting” (Miller, 2012, p. 495). As far as the principal’s duties to

According to the textbook, “An agent who makes a contract for a nonexistent principal is personally liable for it”. In our case, Koji is going to be personally liable for the contract due to the fact that he is the promoter and incorporation hasn’t performed yet. Although Main Street Sushi comes into existence, Koji will be released from the liability, if the corporation, the promoter, and the Lindenwood Realty all agree that the Main Street Sushi substituted for the promoter because Lindenwood Realty contracted directly with the Koji.

Contingent Liability is a condition that refers to the possibility of a future event happening and addresses the responsibility of the party liable should the event take place. In today’s real estate market both sellers and buyers may have contingencies stated in the terms and conditions for selling and purchasing a home. The most common contingent liability are guarantees to debt.

Fiduciary Principle. As part of the legal structure of a business organization, each officer and director of a company has a legal fiduciary duty to act in the best interest of the stakeholders and other employees within the firm. Furthermore, there is also an implied fiduciary duty for every employee within the organization to also act in a way that

This paper will be discussing the concept of strict liability along with the concept of absolute liability within the R. v. Sault Ste. Marie (1978). In doing so, this paper will explain how strict liability offences strike a good balance between the policy rationales for absolute liability in regulatory offences and the criminal law principle that only the morally blameworthy may be punished, and how the courts have interpreted absolute liability offence and their relationship with the Charter of Rights.

Cases of Strict Liability are cases where liability is imposed without any demonstrated culpability. Strict Liability crimes does not require a “mens rea” or “guilty mind” nor does it require the intent to break the law. Meaning, that these type of crimes do not require the intent to do something wrong or morally blameworthy. The defendant is held responsible regardless of their intentions. Although the defendant may not have a guilty mind, they are still held responsible for their actions. The purpose of these crimes are to protect the public from great harm. The question can be asked on how these crimes are justified, because in some cases there is an honest and reasonable mistake of fact. However, the justification for the enforcement

Agency issues arise when one party (principal) gives another party (agent) an authority to act on his behalf. In this context, the principal is the investor while the professional hedge fund

An offer is an expression of willingness by one party to contract on certain terms with another party with the understanding that the contract will become binding when accepted by the person to whom it is offered. An offer may be made in different ways, such as in a letter, an email, or even your behavior, so long as it conveys the basis on which the offering party is willing to contract. An offer should consist of: (1) a statement of present intent by the offering party to enter into a contract; (2) a specific proposal that is certain in its terms; and (3) a communication that identifies the person to whom the offer is made. If any of these elements are not present, an offer has not been made. (Walker, C. B., 2012)